New York (HedgeCo.Net) – Billionaire and convicted hedge fund founder Raj Rajaratnam requested a review of his May 2011 conviction. Yesterday a federal appeals court refused to disturb the insider trading conviction, the Chicago Business Tribune reports.
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.
In connection, Rajat Gupta also received a prison sentence of 2 years in federal prison in October 2012. He was accused of conspiracy and securities fraud crimes stemming from his involvement in an insider trading scheme with his business partner and friend, Rajaratnam.
The Galleon Group was one of the largest hedge fund management firms in the world, managing over $7 billion, before closing in October 2009. Five others were arrested and charged with multiple counts of fraud and insider trading.
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