Rajaratnam Seeks Reversal Day After Gupta Sentenced
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Galleon Group LLC co-founder Raj Rajaratnam is asking a federal appeals court to set aside his conviction for directing the biggest hedge fund insider trading scheme in U.S. history one day after a key source of his tips was sentenced to two years in prison.
Former Goldman Sachs Group Inc. director Rajat Gupta, a friend and business partner of Rajaratnam who ran McKinsey & Co., appeared yesterday before U.S. District Judge Jed Rakoff in Manhattan seeking leniency for his role in the conspiracy. While Gupta, 63, is the most prominent of 70 people convicted in a four-year U.S. insider-trading crackdown, Rajaratnam, 55, was the mastermind of the hedge-fund scheme that was his downfall.