A federal appeals court has upheld the conviction of infamous insider trader Raj Rajaratnam. Rajaratnam, the founder of former hedge fund management firm Galleon Group, was convicted in 2011 of conspiracy and securities fraud.
Rajaratnam orchestrated the largest hedge fund trading scheme in U.S. history and is currently serving 11 years in prison. During his trial, prosecutors had used dozens of wiretap recordings to convict Rajaratnam, but in his bid to get the conviction overturned, Rajaratnam argued the wiretap evidence was inadmissible.
But the 2nd Circuit disagreed today. The three-judge panel unanimously upheld Rajaratnam May 2011 conviction.
Lawyers on both sides declined to comment to Reuters about today’s ruling.
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