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US court denies Rajaratnam's bid to reconsider conviction

New York: Jailed billionaire hedge fund founder Raj Rajaratnam's petition seeking reconsideration of his conviction for running one of the biggest insider trading schemes in U.S. history has been rejected by a court in New

PTI PTI Updated on: November 19, 2013 13:28 IST
In his appeal, Rajaratnam had said that his conviction should be overturned since prosecutors had misled a judge who authorised the wiretaps in 2008.

The latest court order rejected Rajaratnam's request to reconsider the June ruling, or have the entire court reconsider it in an “en banc” review.

Prosecutors have said that Rajaratnam received inside information about companies like Goldman Sachs and Proctor and Gamble from his friend and business associate India-born former McKinsey head Rajat Gupta.

Gupta, also charged with insider trading and sentenced to two years in prison, is currently free on bail pending appeal.

Rajaratnam and Gupta are among the most high profile Wall Street executives to be charged by Manhattan's top federal prosecutor India-born Preet Bharara for insider trading.

Mr. Bharara's office in the Southern District of New York has obtained 75 guilty pleas or convictions out of 83 people charged with insider trading since August 2009.

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