Rajaratnam Appeal Rejected

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.


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note