Rajaratnam Tries Again To Have Some Wiretaps Tossed

Jan 27 2011 | 12:53pm ET

Having failed in their efforts to keep the more damning wiretaps out of their client's trial, Raj Rajaratnam's lawyers want the more prosaic tossed.

Rajaratnam's chief attorney, John Dowd, yesterday filed a motion to exclude those intercepted conversations that he says don't show criminal wrongdoing. There are some 18,000 wiretaps at the heart of the government's insider-trading case against the Galleon Group founder.

"There are a fair number of intercepted conversations in this case that involve simply talking about how companies are doing," Dowd wrote in yesterday's filing with U.S. District Judge Richard Holwell. "Just as baseball players talk about baseball, stock professionals talk about stocks."

(Dowd is best-known as the author of the report on baseball great Pete Rose's gambling, which got Rose thrown out of baseball and has kept the sport's all-time hits leader from entering the Baseball Hall of Fame.)

Holwell ruled that the wiretaps were admissible in November, dealing Rajaratnam's defense team a serious blow. In court filings in the Securities and Exchange Commission civil case against Rajaratnam, his lawyers say only 240 of the taped conversations are relevant.

Rajaratnam's trial is set to begin at the end of next month. His is one of the few outstanding criminal cases stemming from the Galleon investigation; last week, his former co-defendant, Danielle Chiesi, struck a plea deal, and just yesterday, two former Galleon employees did the same, with one implicating Rajaratnam during his plea.

All told, more than 30 people have been charged in the case.

If convicted, Rajaratnam faces decades in prison.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.