Rajaratnam Loses Bid To Overturn Conviction

Law360, New York (August 16, 2011, 6:38 PM EDT) -- Galleon Group LLC hedge fund founder Raj Rajaratnam lost a bid in New York federal court on Tuesday to undo a jury verdict that convicted him of securities fraud and conspiracy for trading on nonpublic tips from a high-profile network of insiders.

U.S. District Judge Richard J. Holwell rejected Rajaratnam's renewed bid for acquittal, which he filed in May after the jury found him guilty of five counts of conspiracy and nine counts related to trades in more than a dozen companies.

In one of the...
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