WSJ – Galleon Group founder Raj Rajaratnam shouldn’t be allowed to use conversations with a trader at his hedge fund that were secretly recorded by a cooperating witness as part of his defense against insider-trading charges, federal prosecutors said in a filing late Monday.
The move by prosecutors to preclude statements by Galleon trader Ian Horowitz, as well as a Taiwan analyst, gives another glimpse into Mr. Rajaratnam’s potential defense. Mr. Rajaratnam contends he made trades based on publicly available information and legitimate research, not secret tips of confidential information.
