Reuters - Hedge fund founder Raj Rajaratnam's trial defense on Tuesday tried to deflect prosecution evidence that he traded on inside information about Wall Street's most influential bank, Goldman Sachs Group Inc, at the height of the 2008 financial crisis.
A federal appeals court on Monday upheld the insider trading conviction of Galleon Group hedge fund founder Raj Rajaratnam, rejecting his argument that wiretap evidence was used improperly to convict him.
The decision by a unanimous three-judge panel of the 2nd U.S. Circuit Court of Appeals in New York was a victory for federal prosecutors, who have used wiretaps to win convictions or guilty pleas for dozens of defendants in a wide-ranging investigation into insider trading that was unveiled in October 2009.
Reuters - Galleon hedge fund founder Raj Rajaratnam, the central figure in the biggest U.S. insider trading case in a generation, went to trial on Tuesday in a showdown with prosecutors that will feature wiretap evidence and the testimony of former friends and associates.
A high-profile trial beginning Tuesday centers on Galleon hedge fund and its billionaire founder Raj Rajaratnam and includes cameos for some big names in American finance.Sri Lankan-born Rajaratnam, 53, allegedly used insider information for illegal transactions that brought him at least $45 million, government prosecutors claim.The federal prosecutor in New York described the case as the "the largest hedge fund insider trading case in history" and the biggest insider trading case since the 1980s, media reports say.