Rajaratnam and former New Castle Funds LLC trader Danielle Chiesi are the principal defendants among 21 people charged last October and November in what U.S. prosecutors described as the biggest probe of illegal insider trading involving hedge funds.
U.S. prosecutors have charged Rajaratnam with using "material, non-public" information to make about $45 million in illegal profits on 12 stocks. In letters in March and April, the government indicated it suspected Rajaratnam of using confidential information to trade on an additional 22 stocks. Those were not formally added to the indictment.
"In order to prepare his defense to this factual issue, Mr Rajaratnam must therefore be given notice of what the alleged inside information actually was and when it was communicated; it is not sufficient to inform him that the government believes it to be material and non-public," lawyer John Dowd said in a brief in U.S. District Court in New York.
"Defense counsel are entitled to know who allegedly tipped Mr Rajaratnam so that they can investigate these allegations further before trial, but the general haphazardness of the government's allegations, and its failure to provide this basic information, continues to prevent counsel from doing so."
A spokeswoman for the office of the Manhattan U.S. Attorney declined to comment on Monday. Judge Richard Holwell has scheduled October 25 for the start of the trial of Rajaratnam and Chiesi. Their lawyers have not proposed an alternative trial date.
Both have pleaded not guilty. The securities fraud charges against them carry possible maximum prison sentences of 20 years.
Eleven of those charged last year have pleaded guilty to conspiracy and securities fraud charges, some of them former friends and business associates of Rajaratnam.
On May 7, Rajaratnam asked the court to suppress wiretap evidence on the grounds that government agents misled a judge into approving secret telephone recordings of Rajaratnam and others by providing incomplete information.
The cases are USA v. Raj Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 09-01184 and USA v. Goffer 10-00056.The relentless pursuit of perfection
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