» Business » Conviction of Galleon's Raj Rajaratnam upheld

Conviction of Galleon's Raj Rajaratnam upheld

By Jonathan Stempel
June 24, 2013 20:16 IST
Get Rediff News in your Inbox:

A federal appeals court on Monday upheld the insider conviction of Galleon Group hedge fund founder Raj Rajaratnam.

The 2nd U.S. Circuit Court of Appeals in New York rejected Rajaratnam's arguments that wiretap evidence in his case should have been suppressed, and that jury instructions on the use of inside information were inadequate.

Rajaratnam is the highest-ranking hedge fund executive convicted in a wide-ranging federal probe into insider trading that was unveiled in October 2009.

Get Rediff News in your Inbox:
Jonathan Stempel in New York
Source: source
© Copyright 2020 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Moneywiz Live!