Tuesday, 23 September 2014
Last updated 4 hours ago
Nov 29 2011 | 9:48am ET
As expected, Raj Rajaratnam's appeal of his insider-trading conviction will focus on the most crucial pieces of evidence used against him: the thousands of wiretapped telephone calls.
Lawyers for the Galleon Group founder has asked a federal appeals court to postpone his arrival at prison, currently scheduled for next week, to begin his 11-year sentence. Patricia Millett argued that the "substantial issues" surrounding the wiretaps "support release pending appeal because suppression would require reversal of the conviction and a new trial on every count given that the wiretaps were integral to the merits of Mr. Rajaratnam's conviction."
Millett's filing today including several documents, among them the 2008 wiretap application notable for its "glaring omissions." A hearing on the motion is scheduled for tomorrow.
Prosecutors dismissed Millett's claims, arguing that the exclusion of the wiretaps would necessitate the reversal of Rajaratnam's conviction and noting that the trial judge rejected Rajaratnam's bid to remain free pending his appeal.
"Rajaratnam is wrong that Judge Holwell's decision that wiretaps are authorized for insider-trading investigations raises a substantial issue on appeal," prosecutor Jonathan Streeter wrote. "Congress did not, as Rajaratnam argues, restrict the use of wiretapping to exclude insider trading."
What's more, Rajaratnam, who has been confined to his Manhattan apartment on $100 million bail, remains a flight risk and retains a "significant net worth" even after the nearly $160 million in restitution and fines he's been ordered to pay.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.