Hedge Fund Billionaire Disputes Insider Trading Allegations

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

Tuesday, Nov 24, 2009  |  Updated 8:00 PM EDT
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Hedge Fund Billionaire Disputes Insider Trading Allegations

NYLL101

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

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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.

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