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Rajaratnam seeks rehearing before 2nd Circuit

Court upheld ex-Galleon Group co-founder’s conviction one month ago

Two years after he was convicted of insider trading, Raj Rajaratnam is still trying to clear his name.

Yesterday, Rajaratnam, who in 2011 was sentenced to 11 years in prison for masterminding one of the biggest insider trading schemes in history, asked the 2nd Circuit to rehear his case just one month after it upheld his conviction.

“Rehearing is warranted because the panel’s decision in this case, which involves a significant expansion of the use of wiretaps, squarely conflicts with the decisions of other circuits,” appeals lawyers Paul Clement, Samidh Guha and Patricia Millet argued on behalf of Rajaratnam.

Rajaratnam’s case was the first to focus exclusively on insider trading in which U.S. investigators wiretapped targets’ phone conversations. Rajaratnam and his lawyers argue that the 2nd Circuit should rehear his case because if his conviction remains in place, investigators will have “carte blanche to wiretap any professional investor whose business entails discussing publicly traded companies on the telephone.”

Read Bloomberg and the Wall Street Journal for more information.

Read more about Rajaratnam and other insider trading scandals on InsideCounsel: 

Rajaratnam’s conviction upheld

Gupta not liable to Goldman for Rajaratnam tips

Raj Rajaratnam’s younger brother charged with insider trading

Rajat Gupta must repay Goldman Sachs $6.22 million in legal costs

Rajat Gupta seeks to overturn his insider trading conviction

Gupta didn’t profit from Rajaratnam tips, lawyer says

Ashley Post

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