Rajaratnam to ask for insider trading sentence to be thrown out

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.

To access the complete Reuters article hit the link below:

Raj Rajaratnam seeks to cut 11-year insider trading sentence

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