SEC Seeks Galleon Wiretaps in Civil Case

The SEC is seeking access to wiretaps used by prosecutors in the criminal case against Galleon Group founder Raj Rajaratnam and other defendants. The Wall Street Journal reports that the SEC asked U.S. District Court Judge Jed S. Rakoff to order Rajaratnam and the other defendants to turn over any wiretaps they received from prosecutors during their criminal cases to the SEC. The wiretaps reportedly include communications made during a covert insider-trading investigation conducted by the US Attorney’s Office.

According to the WSJ, Rajaratnam’s lawyers argue that the SEC does not have an independent right to this material in the SEC’s civil case. They also claim that Rajaratnam has a constitutional right to defend himself and he should not be forced to forfeit his privacy rights in this case.

The civil case is expected to go to trial in August.

Read the Wall Street Journal article