New York (HedgeCo.Net) – The Supreme Court on Monday denied jailed hedge fund manager Raj Rajaratnam’s request to have the appeal of his insider trading.
Rajaratnam, who co-founded hedge fund Galleon Management and Chiesi, a former trader with New Castle Funds, face up to 20 years in prison if convicted on the charges. Rajaratnam was taken into custody in New York on Oct. 16, 2009 in what is being called the USA’s largest hedge fund insider-trading scheme.
Rajaratnam is being accused of insider trading and securities fraud, generating as much as $49 million in profit.
Alex Akesson
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