Published On: Tue, Mar 10th, 2015

Raj Rajaratnam and Rajat Gupta Seeking to Overturn Penalties Against Them

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Galleon Group hedge fund founder Raj Rajaratnam and former Goldman Sachs Group Inc director Rajat Gupta are seeking to overturn penalties imposed against them for insider trading, citing a recent U.S. court decision that narrowed the definition of that offence.

Rajaratnam, who is serving an 11-year prison term, is trying to void a $92.8 million penalty in a U.S. Securities and Exchange Commission caivil case, while Gupta wants to throw out his criminal conviction, which led to a two-year prison term, according to court filings late last week. The men are the highest-profile defendants convicted in a U.S. insider trading crackdown, focused mainly on hedge funds, unveiled in 2009.

Rajaratnam, 57, was convicted of fraud and conspiracy over a variety of trades that prosecutors said generated $63.8 million of illegal profit. Gupta, 66, who is also a former McKinsey & Co global managing director, was convicted of passing tips to Rajaratnam about Goldman’s financial results and an investment from Warren Buffett’s Berkshire Hathaway Inc

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Raj Rajaratnam and Rajat Gupta Seeking to Overturn Penalties Against Them