New York (HedgeCo.net) – Federal judge Judge Richard Holwell ordered that hedge fund founder Raj Rajaratnam has to hand over the taped evidence to be used against him at the March 8 trial, Reuters reported today.
The hedge fund founder was given untill March to provide expert testimony. However, the judge ordered the wiretaps to be released immediately.
Rajaratnam’s lawyer had requested the suppression of the telephone recordings which were used to arrest Rajaratnam and more than a dozen other people in the Galleon raid. Rajaratnam then won an emergency order relieving him from having to turn over wiretap recordings because of legal hurdles in obtaining the 14,000 wiretap intercepts.
“The recordings were cherry picked and mismanaged and someone did not do their homework.” Dowd told the Judge in the Feb 2010 hearing.
The hedge fund millionaire was taken into custody in New York on Oct. 16, 2009 in what is being called the USA’s largest hedge fund insider-trading scheme. He faces up to 20 years in prison if convicted on the charges.
Alex Akesson
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