Hedge fund manager and billionaire Raj Rajaratnam, who ran the Galleon Group, has been indicted on multiple counts of conspiracy and securities fraud.

Billionaire Raj Rajaratnam had been arrested in October on a criminal complaint alleging he used inside information to make trades that generated millions of dollars in profits for a fund in his firm, the Galleon Group. There was no immediate response to a telephone message left Tuesday with his attorney…

Sri Lankan-born Rajaratnam and Chiesi, both free on bond, were to be arraigned Monday in federal court in Manhattan. The pair are among 21 Wall Street professionals charged in the case. Six have pleaded guilty and agreed to cooperate with the government.

Previously filed criminal complaints had accused Rajaratnam, Chiesi and other defendants of cashing in on tips about the earnings and acquisition plans of Google Inc., Hilton Hotels Corp. and various other companies. The papers showed that an unidentified informant helped record conversations between the defendants.

Rajaratnam also happens to be a major Democratic donor. He handed over tens of thousands of dollars to get Barack Obama elected. His other political recipients include:

• Democratic Senatorial Campaign Committee
• Secretary of State Hillary Clinton
• Senator Maria Cantwell (D-WA)
• Senator Robert Menendez (D-NJ)
• Senator Chuck Schumer (D-NY)

So a man indicted on securities fraud and conspiracy helped fund the election of some of the most powerful Democrats in the country, including the president of the United States and Secretary of State. What are the odds that most of the media ignore this aspect of the story?