The Supreme Court rejected the appeal of former hedge-fund king Raj Rajaratnam to overturn his conviction and 11-year prison sentence for insider trading.
Rajartnam, the founder of once high-flying Galleon Group, was convicted on 14 counts of securities fraud and conspiracy in 2011. Besides the prison term he is serving, he also was fined $10 million and ordered to forfeit more than $53 million.
The former hedge-fund king argued on appeal that the trial judge should not have allowed prosecutors to use evidence obtained by a government wiretap of his cellphone. He also said prosecutors did not prove that inside information played a key role in his winning trades.