Tuesday, 29 July 2014
Last updated 8 min ago
Apr 30 2010 | 12:17pm ET
Lawyers for Galleon Group founder Raj Rajaratnam outlined their plan of attack against the wiretaps at the center of the insider-trading case against their clients in a court filing this week.
Rajaratnam’s attorneys have long maintained that they will challenge the legality and admissibility of the 18,000 intercepted conversations at the heart of the government case against the hedge fund billionaire. The trial of Rajaratnam and his co-defendant, former New Castle Partners executive Danielle Chiesi, is set to begin in October.
John Dowd, a member of Rajaratnam’s legal team, told U.S. District Judge Richard Holwell that he “intends to present several distinct arguments” against the wiretaps in his brief, due by May 7.
“These arguments raise legal issues requiring comprehensive analysis arising out of the unprecedented nature of this case, which will require Your Honor to rule on the legality of the government’s first-ever use of wiretaps in connection with an insider-trading investigation—an offense for which Congress has not authorized the use of wire surveillance,” Dowd wrote.
Both Rajaratnam and Chiesi have pleaded not guilty to the charges. Both face in excess of 100 years in prison if convicted.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…