Raj Rajaratnam Seeks to Cut 11-Year Insider Trading Sentence

Galleon Group hedge fund founder Raj Rajaratnam plans to formally ask a U.S. judge to throw out his 11-year prison sentence and void many of the 14 counts for which he was convicted in his insider trading case. Prosecutors said he made up to $63.8 million in illicit profit from 2003 to 2009 by trading in stocks such as eBay Inc, Goldman Sachs Group Inc and Google Inc. The letter also said Rajaratnam will seek to vacate two counts because former McKinsey & Co partner Anil Kumar, the main government witness against him, perjured himself.