Wednesday, 25 November 2015
Last updated 5 hours ago
Feb 12 2010 | 5:41am ET
The Securities and Exchange Commission won’t be getting its hands on Raj Rajaratnam’s wiretaps just yet.
A federal appeals court granted the Galleon Group founder, who has been charged with masterminding the a $50 million insider-trading circle, a temporary stay of a lower court ruling that ordered him to turn over some 15,000 wiretap intercepts at the heart of the criminal case against him and his co-defendant, Danielle Chiesi. The judge overseeing the SEC’s civil case, U.S. District Judge Jed Rakoff, ordered Rajaratnam and Chiesi to turn over the wiretaps by Monday.
Rajaratnam and Chiesi received the wiretaps as part of discovery in the criminal insider-trading case against them. The two have argued that the SEC does not have the authority to obtain the wiretaps. Their lawyers have also announced that they will challenge the legality of the wiretaps for use in the criminal case.
A three-judge panel of the U.S. Court of Appeals for the Second Circuit in New York will consider the order to turn over the wiretaps. No date has been set for the hearing; the civil case is set to go to trial on Aug. 2.
“We are very pleased that this serious issue will get the court’s full consideration,” John Dowd, a lawyer for Rajaratnam, said.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…