Hedge Fund Billionaire Disputes Insider Trading Allegations

The Sri Lanka-born businessman is charged in a $52 million insider trading case

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    NEWSLETTERS

    NYLL101
    Raj Rajaratnam, the portfolio manager for the Galleon Group hedge fund.

    One of America's richest men is defending himself against a massive insider trading case by saying he did not cheat and the government misled a judge to obtain wiretaps.

         Billionaire hedge fund operator Raj Rajaratnam's lawyers made the arguments in papers filed Tuesday in federal court in Manhattan.
        
    The Sri Lanka-born Rajaratnam is among 20 people charged in a $52 million insider trading case. The portfolio manager for the Galleon Group hedge fund remains free on $100 million bail.
        
    Rajaratnam's lawyers say he based trades on information that was already public. They also say the government misled a judge to surreptitiously tape phone conversations by Rajaratnam and others.
        
    Prosecutors declined comment.