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Ex-Hedge Fund Exec Fails To Nix Rajaratnam Subpoena

Law360 (February 15, 2011, 8:49 PM EST) -- A former California hedge fund president who pled guilty in the Galleon Group LLC insider trading case lost a bid Tuesday to quash Galleon founder Raj Rajaratnam's bid for his communications and financial statements.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York denied Richard Choo-Beng Lee's third-party motion to wipe out a subpoena for information relating to Rajaratnam, Galleon employees and others involved in the insider trading case.

Prosecutors have claimed Lee, former president of Spherix Capital LLC,...
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