Rajaratnam Seeks To Remain Free During Appeal

Oct 27 2011 | 8:48am ET

Raj Rajaratnam has asked a federal appeals court to allow him to remain free as he appeals his conviction on insider-trading charges and his 11-year prison sentence.

The Galleon Group founder is scheduled to report to prison on Nov. 28. But on Tuesday his lawyers asked the U.S. Court of Appeals in New York to overturn the trial judge's rejection of Rajaratnam's bid to remain free on $100 million bail pending his appeals.

If an appeal "is not for the purpose of delay and 'raises a substantial question of law or fact likely to result' in reversal or a new trial," the courts are required to allow a defendant to remain free. Rajaratnam's lawyers plan to challenge the use of wiretaps at his trial.

Rajaratnam filed a notice of appeal for both his May conviction on 14 counts of securities fraud and conspiracy and his prison sentence, the longest-ever for insider-trading, imposed earlier this month.

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