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 US 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 US Securities and Exchange Commission civil 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 US insider trading crackdown, focused mainly on hedge funds, unveiled in 2009.
But in seeking lesser punishments, both men cited a December, 10 ruling by the 2nd US Circuit Court of Appeals in New York that overturned two insider trading convictions.
In a filing late on Friday night with the 2nd Circuit, Rajaratnam said his criminal case, which was the basis of the SEC penalty, involved several transactions in which he "had no knowledge of a benefit conferred upon the tipper."
Jennifer Queliz, a spokeswoman for US Attorney Preet Bharara in Manhattan, declined to comment. SEC spokesman John Nester also declined to comment.
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