Monday, June 24, 2013

Raj’s Insider Conviction Appeal Nixed

From Bloomberg: Raj Rajaratnam’s conviction for insider trading was upheld by a federal appeals court in New York, which rejected a challenge to the use of government wiretaps in his trial. The U.S. Court of Appeals in Manhattan, in a decision filed today, affirmed the 2011 conviction of the co-founder of Galleon Group LLC for conspiracy and securities fraud.

This comes as former Goldman Sachs Group Inc. director Rajat Gupta waits to hear from the same appeals court in his bid to overturn his insider-trading conviction. Gupta argued that prosecutors shouldn’t have been allowed at his trial to use secretly wiretapped calls in which he wasn’t a participant….

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