SEC Seeks Galleon Wiretaps In Civil Case

01-27-2010 | Source: emii.com

The Securities and Exchange Commission is urging a judge to order Raj Rajaratnam and others to share wiretap recordings that they got from federal prosecutors, The Wall Street Journal reports. The commission wants the Galleon Group founder and others to hand over any wiretap materials they received from prosecutors from the U.S. Attorney’s office (USAO) in Manhattan.

The wiretap materials include recordings of communications made during an alleged insider-trading probe conducted by the USAO and are relevant to the commission’s allegations of the defendants tipping and trading on material nonpublic information, said Valerie Szczepanik, an SEC lawyer. Several civil defendants, including Rajaratnam and Danielle Chiesi, are also defendants in a criminal insider-trading probe by the USAO in Manhattan.

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