Saturday, 26 July 2014
Last updated 19 hours ago
Nov 19 2013 | 12:41pm ET
If Raj Rajaratnam wants to get out of prison before his scheduled release date of 2021, he's going to need some Supreme help.
The U.S. Second Circuit Court of Appeals rejected the Galleon Group founder's bid for it to rehear his appeal of his 2011 insider-trading conviction. A three-judge panel of the New York court in June upheld that conviction, and yesterday's decision means that the full court will not take up the case.
That leaves Rajaratnam with only one remaining option: an appeal to the U.S. Supreme Court, which takes only about 1% of the cases it receives.
Rajaratnam had hoped that the Second Circuit would review his case "en banc," with all 13 judges considering the case. In his initial appeal, Rajaratnam's lawyers argued that the trial-court judge erred when he allowed the jury to hear wiretap evidence at the heart of the case against him, but the three-judge panel ruled against him unanimously.
It is unclear whether Rajaratnam, who is serving an 11-year sentence, will appeal to the Supreme Court.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…