Reuters reports that a federal appeals court will hear oral
arguments on Oct. 25 in hedge fund founder Raj Rajaratnam's bid to overturn his
insider trading conviction on grounds that the U.S. government improperly won
permission to record his phone conversations.
A refresher in case you've forgotten, one-time billionaire Rajaratnam, 55, is serving an 11-year
prison sentence in what prosecutors called the biggest insider trading case of
a generation. Rajaratnam was the principal defendant among dozens of money
managers, traders, consultants and lawyers caught up in a crackdown in the past
four years of Wall Street insiders illegally obtaining company secrets and
trading on the information.
A panel of three judges on the 2nd U.S. Circuit Court of
Appeals in New York will allow prosecutors and Rajaratnam's lawyers 15 minutes
each to make their arguments, according to the court's calendar. Usually, the
panel does not issue a decision until weeks or even months after oral arguments….
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