Submission of Wiretap Recordings Delayed in Galleon Group Case

February 11th, 2010
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Raj Rajaratnam faces criminal and civil charges in the Galleon Group insider trading case but won an emergency order on February 11th, delaying the submission of wiretap recordings to the SEC for the civil case to be held on August 9th. A New York Times article states that on February 9th, U.S. District Court Judge Jed Rakoff ordered the recordings to be submitted by February 15th and then the U.S. Court of Appeals for the Second Circuit revoked the order two days later. The thousands of wiretap recordings were collected as evidence between 2003 and 2009 but defense lawyers and the SEC are arguing over using them in the civil fraud case. A panel of three judges is expected to decide if Mr. Rajaratnam and co-defendant Danielle Chiesi, a former employee of New Castle Funds LLC, have to surrender the evidence. Mr. Rajaratnam and Ms. Chiesi have been accused of using illegal information to trade mostly tech stocks and gain up to $49 million in profits.
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Galleon Management
Related People: Gary Rosenbach; Raj Rajaratnam
Related Entities: Galleon Admiral's; Galleon Buccaneers; Galleon Captains; Galleon Communication; Galleon Diversified; Galleon Explorers; Galleon Group; Galleon Healthcare; Galleon Technology
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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