Galleon's Rajaratnam Wins With Wiretap Hearing

Raj Rajaratnam may not win his case against insider trading, but he has won a small victory Reuters reports. Rajaratnam has won a small victory when the judge in his case, Hon. Richard Holwell, threw out the wiretap evidence that U.S. prosecutors were preparing to use against him. "Whether or not Rajaratnam will be able to prove by a preponderance of the evidence that the government made misstatements that were both reckless and material, he has at least established good grounds," Holwell said in a written order. Howell scheduled the hearing for September 7, 2010. Howell also dismissed motions by Rajaratnam and principal co-defendant Danielle Chiesi to remove one count of the indictment against them and other charges they said the government had added on top of the others. The trial is set to begin on January 17, 2011. Rajaratnam is being charged with being behind one of the largest insider trading cases in history that extends all the way to IBM IBM and other major corporations. Whether or not Rajaratnam is guilty remains to be seen, as determined by a jury of his peers. It appears for now that he will do anything in his power to lessen the damning evidence against him, and it appears he is doing just that.