May 12, 2011
An important white collar conviction came down very recently in the Southern District of New York. Raj Rajaratnam, a Sri Lankan born billionaire investor, was found guilty by a jury in Manhattan and was convicted of fourteen counts of securities fraud and conspiracy. Until sentencing, which is scheduled for July, Rajaratnam has been placed under home detention with electronic monitoring. Credit for the conviction goes in large part to use of wiretaps. Federal prosecutors used dozens of recordings to prove their claims of insider trading. In some of these recordings Rajaratnam could be heard sharing inside information and also creating plans to create email records to cover up the fact that it was inside information. In the wake of Rajaratnam, wiretaps are expected to become a prosecution tool of choice for insider trading cases. Westlaw has excellent sources of information for wiretaps and insider trading.
WIRETAP This database contains a two volume set that includes coverage of criminal and civil statutes, penalties and remedies. Expert authors Clifford Fishman and Anne McKenna present vital information on obtaining and executing eavesdropping warrants, computer and network search warrants, minimization requirements and procedures, monitoring and reporting instructions, suppression, recording identification, pretrial and trial tactics, and more.
CCGINTRR, Corporate Counsel’s Guide to Insider Trading and Reporting
will help attorneys, officers, directors, and others with insider trading law compliance. Definitions and key concepts are listed, and topics covered include potential causes of action, reporting and disclosure, liability, remedies and enforcement, and corporate compliance. Also included are several sample insider trading plans and insider trading policies.
SECBROMLOW, Bromberg and Lowenfels on Securities Fraud and Commodities Fraud contains a full analysis of all of the securities fraud provisions, particularly Rule 10b-5.
INSIDETRAD, Insider Trading Regulation, Enforcement, and Prevention contains Extensive coverage of issues raised by the criminal and SEC investigations into suspicions of widespread hedge fund insider trading.
SECLAW-HB, Securities Law Handbook provides in-depth coverage of basic and specialized issues.
You can see and track the Rajaratnam docket:
You can also set up a docket alert in Westlaw to see if and when the Rajaratnam case gets appealed.