Rajaratnam Plans Multi-Pronged Attack On Wiretaps

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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.