Business

Insider trading conviction stands

Raj Rajaratnam was convicted in 2011.

Raj Rajaratnam was convicted in 2011.

NEW YORK — The conviction of a onetime billionaire on insider trading charges was upheld Monday by a federal Appeals Court that concluded the government did not cheat to obtain permission to make its most extensive use of wiretaps ever in such a case.

Lawyers for Raj Rajaratnam, 56, had argued on appeal that the government improperly persuaded a judge in 2008 to permit a wiretap to be placed on Rajaratnam’s cellphone. The wiretap was used to record 2,200 private conversations by Rajaratnam, the founder of the Galleon group of 14 hedge funds who was convicted in 2011 of multiple counts of securities fraud.

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‘‘Rajaratnam’s arguments are not persuasive,’’ the 2nd US Circuit Court of Appeals wrote in a unanimous ruling.

Associated Press

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