The New York Court has denied a bid by tiger loyalist Raj Rajaratnam to set aside his conviction in a closely watched insider trading case earlier this year.
Sri Lankan born Rajaratnam, who was a resident of the United States was apprehended in that country recently and convicted of all 14 counts of conspiracy and securities fraud at his insider-trading trial in May. When the case was being heard, he had made an appeal to mitigate the punishment that was to be imposed on him. However, the Court had informed him that the appeal cannot be accepted as there was sufficient evidence made by the Plaint. The Court rejected Rajaratnam’s appeal after considering the evidence which ran into 48 pages.