Rajaratnam Wants Wiretaps Kept Private

Apr 1 2010 | 9:36am ET

Having fought successfully—so far—to keep the wiretaps at the heart of the case against their client out of the Securities and Exchange Commission’s hands, lawyers for Raj Rajaratnam are now asking that they be kept out of the public eye.

John Dowd, who represents the Galleon Group founder, accused of leading a $50 million insider-trading ring, said that a prosecution plan to allow court applications and orders regarding the wiretaps—there are about 18,000 of them—to be added to the public record should be rejected. Even though the government suggested allowing both sides to review the recordings and releasing only redacted versions, Dowd said the public has no right to the access.

Dowd cited The New York Times’ failed effort to obtain wiretap records related to the prostitution ring case that forced former New York Gov. Eliot Spitzer from office two years ago.

The Second Circuit Court of Appeals “has twice held that ‘good cause’ to unseal wiretap applications and orders can be shown—and can only be shown—by an ‘aggrieved person,’” and not the public, he wrote.

Rajaratnam and his co-defendant, Danielle Chiesi, are challenging the legality of the wiretaps. They have also won a temporary stay of a judge’s order that they turn over the taps to the Securities and Exchange Commission, which is conducting a parallel civil case against them.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR