New York (HedgeCo.Net) – A panel of three judge from the federal appeals court is scheduled to hear arguments from hedge fund founder Raj Rajaratnam in a bid to overturn his insider trading conviction.
Rajaratnam is pleading on the grounds that the wiretapping evidence was not acquired legally by the US government. His lawyers, in Febuary 2011, won an emergency order relieving him from turning over wiretap recordings because of legal hurdles in obtaining the 14,000 wiretap intercepts.
“In applying for wiretap permission in March 2008, an FBI agent failed to tell a judge about prior lengthy probes of his client by securities regulators and the FBI.” John Dowd, Rajaratnam’s lawyer, told the federal courts in 2010.
The Sri Lankan-born American who founded the New York hedge fund Galleon Group, was found guilty on 14 counts of conspiracy and securities fraud in May 2011. Rajaratnam is currently serving an 11-year prison sentence.
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