Court to hear Rajaratnam's insider-trading appeal on October 25

Last Updated: Saturday, September 8, 2012 - 09:14

Zeebiz Bureau

New York: A panel of three judges on the 2nd US Circuit Court of Appeals in New York will hear oral arguments on October 25 in hedge fund founder Raj Rajaratnam's bid to overturn his insider trading conviction, a news wire has reported.

Usually, the panel does not issue a decision until weeks or even months after oral arguments.

Rajaratnam, who is serving an 11-year prison sentence has appealed the court citing grounds that the US government improperly won permission to record his phone conversations.

Rajaratnam was convicted in May 2011 in Manhattan federal court on 14 counts of securities fraud and conspiracy, largely based on the FBI's secret recordings of his conversations, which were played to the jury.

Rajaratnam, who is serving an 11-year prison sentence in what prosecutors called the biggest insider trading case of a generation.

With Agency Inputs

First Published: Saturday, September 8, 2012 - 09:02

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