Rajaratnam's Lawyer Seeks Acquittal From Judge

May 26 2011 | 10:28am ET

Galleon Group founder Raj Rajaratnam's lawyers have again asked a court to throw out his sweeping conviction on insider-trading charges.

Rajaratnam's lead attorney, John Dowd, said in a filing yesterday that "the government failed to introduce evidence sufficient to permit a reasonable juror to conclude beyond a reasonable doubt that Mr. Rajaratnam committed the crimes charged." Jurors convicted Rajaratnam of all 14 counts of securities fraud and conspiracy against him earlier this month.

Dowd's memorandum renews his previous motions to have an acquittal imposed; he sought one after the government rested its case, at the end of testimony and on the day of Rajaratnam's conviction.

U.S. District Judge Richard Holwell has still not ruled on any of those motions.

Rajaratnam faces decades in prison when he is sentenced this summer. Dowd has pledged to appeal his conviction, planning to focus on Holwell's decision to allow prosecutors to use wiretaps in the case.

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