High court declines appeal from convicted trader

The Supreme Court declined on Monday to hear Galleon Group hedge-fund founder Raj Rajaratnam's challenge to his 2011 conviction for insider trading.

ADVERTISEMENT
In 2011, Rajaratnam was convicted on 14 counts of fraud and conspiracy for insider trading that pocketed him $60 million while avoiding losses.

It remains one of the most high-profile Wall Street insider trading cases ever brought by the U.S. Department of Justice.

He's serving an 11-year prison term.