Rajaratnam has insider trading conviction upheld


A federal appeals court on Monday refused to disturb the insider trading conviction of Galleon Group hedge fund founder Raj Rajaratnam, one of the most prominent defendants in the U.S. government's wide-ranging probe into insider trading.

Reuters reports that Rajaratnam, 56, is serving an 11-year prison term following his May 2011 conviction by a Manhattan federal jury on nine counts of securities fraud and five counts of conspiracy.

A three-judge panel of the 2nd U.S. Circuit Court of Appeals in New York upheld that conviction in June. Monday's order rejected Rajaratnam's request to reconsider that ruling, or have the entire court reconsider it in an "en banc" review.

The 2nd Circuit did not give a reason for its decision, and it is unclear whether Rajaratnam will now ask the U.S. Supreme Court to review his conviction.

Much of the government's case was built on the use of wiretaps, a tactic long associated with organized crime cases.

To access the complete Reuters article hit the link below:

Insider trading conviction of Galleon's Rajaratnam stands

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