Oct 5, 2010
Defense in Insider Trading Case Challenges Wiretap Application
Defense lawyers for a hedge fund billionaire charged with insider trading accused the government Monday of “gaming the system” by failing to advise the judge who approved the wiretaps that much of the evidence had been gathered in ways that made the electronic surveillance unnecessary. A lawyer for Galleon Group founder Raj Rajaratnam told a New York federal judge that during a yearlong joint investigation, the SEC and federal prosecutors had built a “conventional” insider trading case using “conventional” techniques.