Rengan Rajaratnam Loses Bid to Block Wiretaps, Dismiss Charges
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Rengan Rajaratnam, brother of imprisoned hedge-fund founder Raj Rajaratnam, lost a bid to dismiss insider-trading charges or exclude wiretap evidence federal prosecutors want to use at his June trial, potentially giving the government more leverage to obtain a plea deal.
Wiretaps were central to the convictions of Raj Rajaratnam, co-founder of Galleon Group LLC, and his co-conspirator, former Goldman Sachs Group Inc. director Rajat Gupta. Raj Rajaratnam is serving an 11-year sentence for insider trading, while Gupta must report to prison to start his two-year sentence on June 17, the same day Rengan Rajaratnam is scheduled to go to trial.