Judge Rules Wiretaps OK in Insider Trading Probe

Wednesday, Nov 24, 2010  |  Updated 1:30 PM EDT
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Judge Rules Wiretaps OK in Insider Trading Probe

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Scammers turn an ordinary home telephone into a weapon of sorts to bilk seniors out of their savings.

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A federal judge has ruled that wiretaps used to help prosecute the founder of the Galleon Group hedge fund can be used at his upcoming trial.

U.S. District Judge Richard Holwell made the ruling Wednesday in Manhattan. It came in the case brought against Raj Rajaratnam, a onetime billionaire free on $100 million bail after he was arrested last year on charges related to insider trading.

Rajaratnam has pleaded not guilty. His lawyers have said any trades he executed resulted from information in the public domain.

The prosecution resulted in 23 arrests. So far, 14 people have pleaded guilty. Many of them have been cooperating with the government.

A spokesman for Rajaratnam's lawyers was not immediately available for comment.
 

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