Raj Rajaratnam, the billionaire Galleon Group LLC founder, and Danielle Chiesi, an executive at New Castle Funds LLC, were indicted by a federal grand jury for using inside information to profit from stock trades.

The indictment includes 11 counts of securities fraud and conspiracy against Rajaratnam and 10 counts against Chiesi stemming from trades that allegedly generated more than $20 million in illegal profits. It cites multiple schemes dating to 2003 and says the two used secret tips to trade in stocks including Polycom Inc., Hilton Hotels Corp, Akamai Technologies Inc., Google Inc. and International Business Machines Corp.

“Mr. Rajaratnam is innocent and looks forward to his day in court when a jury of his fellow citizens will examine and evaluate all of the evidence,” his lawyer, John Dowd, said in a statement.

Rajaratnam, 52, and Chiesi, 44, were accused in an Oct. 16 criminal complaint of participating with four others in a wide- ranging insider trading case. Yesterday’s indictment formalizes the charges against Rajaratnam and Chiesi, who live in New York, and moves their case toward a trial. U.S. District Judge Richard Holwell in Manhattan will preside. A court hearing is scheduled for Rajaratnam and Chiesi on Dec. 21.

Read More: -By David Glovin, Bloomberg