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US court rejects Raj Rajaratnam's appeal against insider-trading conviction

The US Court of Appeals in New York has upheld the insider trading conviction against disgraced Sri Lankan-born hedge fund founder Raj Rajaratnam.

Lawyers for the billionaire co-owner of Galleon Group had earlier challenged the use of wiretaps in his high-profile trial in 2011 when he was convicted of directing the biggest hedge fund insider-trading scheme in US history.

He is currently serving an 11-year prison sentence.

During his trial the federal government introduced dozens of secret recordings, along with documents and testimony derived from wiretaps. 

Rajarathnam's attorneys contended that investigators should have first exhausted all other avenues before resorting to the contentious use of electronic surveillance. 

The businessman is said to have made more than $60 million dollars in illicit profits from 2003 to 2009 trading on stocks - including eBay, Goldman Sachs, Google and Intel - using illegally acquired information.

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