Rajaratnam to ask for insider trading sentence to be thrown out

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Galleon Group hedge fund founder Raj Rajaratnam plans to formally ask a U.S. judge to throw out his 11-year prison sentence and void many of the 14 counts for which he was convicted in his insider trading case.

Reuters reports that Rajaratnam, 57, has already served 3-1/2 years of his term following his May 2011 conviction on nine counts of securities fraud and five counts of conspiracy.

Prosecutors said he made up to $63.8m in illicit profit from 2003 to 2009 by trading in stocks such as eBay, Goldman Sachs and Google.

In a letter filed on Tuesday in Manhattan federal court, Christine Chung, a new lawyer for Rajaratnam, said 'several' counts should be vacated because there was no proof the underlying trades amounted to insider trading.

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Raj Rajaratnam seeks to cut 11-year insider trading sentence

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