|Lawyers for Galleon Group founder and portfolio manager Raj Rajaratnam are arguing that key wiretap evidence in the insider trading case against Rajaratnam is inadmissible because it was obtained without proper court authorization. Mr. Rajaratnam’s legal team has asked the judge to throw out the wiretaps which contain over 2,000 conversations with clients. According to Rajaratnam’s lawyers, "the government intercepted over 2,400 of Mr. Rajaratnam's and at least 130 other individuals' private telephone conversations to investigate a crime for which Congress specifically withheld wiretap authority, and it did so by ignoring its oath and obligation of candor to the court."|
Mr. Rajaratnam was arrested in October 2009 and charged with securities fraud and conspiracy to commit securities fraud in an insider trading scheme that may have generated as much as $50 million in illegal profits. Of the 21 individuals charged in the case, 11 have already plead guilty, including several which have agreed to assist in the case against Mr. Rajaratnam.