Raj Rajaratnam, who used a massive network of tipsters to make insider trading profits of $63.8 million, can’t overturn his conviction and must remain in prison, a federal appeals court said.
Rajaratnam’s 2011 conviction for insider trading won’t be overturned and he will have to serve the remainder of his prison term, the U.S. Court of Appeals for the Second Circuit said in a June 1 summary order. Rajaratnam, Galleon Group LLC’s founder, is scheduled for a July 2021 release.
The former hedge fund manager sought collateral relief from his insider trading conviction, the order said. Rajaratnam appealed the ...
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