Tuesday, 26 July 2016
Last updated 4 hours ago
Jun 17 2014 | 8:57am ET
Argentina wasn’t the only appellee denied by the U.S. Supreme Court yesterday.
The high court rejected the final appeal of Galleon Group founder Raj Rajaratnam, who is serving an 11-year sentence for insider-trading. The court did not explain why it refused to take the case.
Rajaratnam was convicted of fraud in 2011. Prosecutors said he had earned as much as $63.8 million in illegal profits trading on insider information about a large number of companies, including Goldman Sachs and Google Inc. The U.S. Second Circuit Court of Appeals last year upheld that conviction, rejecting Rajaratnam’s argument that the wiretaps central to the government’s case against him were improperly obtained.
The ruling comes just a day before one of Rajaratnam’s tipsters, former McKinsey & Co. chief and Goldman director Rajat Gupta, reports to prison for passing information about the bank to Rajaratnam.