Tuesday, 27 January 2015
Last updated 2 hours ago
May 8 2012 | 11:17am ET
Accused Raj Rajaratnam tipster Rajat Gupta has asked the judge in the case to exclude wiretapped phone calls featuring the Galleon Group founder, arguing that they are irrelevant or prejudicial.
Gupta's lawyer said that 26 of the recorded conversations on prosecutors' witness list deal with stocks that aren't part of the case against the former McKinsey & Co. chief. Another recording, of a conversation between Rajaratnam and Gupta, should be excluded because it includes no direct evidence of insider-trading and could prejudice the jury.
"It appears the government seeks to reprise the Rajaratnam trial in order to shore up its weak circumstantial case against Mr. Gupta, resorting to evidence about other companies and other conspiracies," they wrote.
Prosecutors made their case to include the tapes last week, arguing that they are all evidence of a conspiracy that Gupta was a part of. In March, U.S. District Judge Jed Rakoff rejected Gupta's motion to exclude all wiretaps from his trial, which is set to begin on May 21.
The government alleges that Gupta passed confidential tips to Rajaratnam about Goldman Sachs and Procter & Gamble. Gupta served on the board of directors at both companies.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…