A lawyer for the one-time billionaire hedge fund founder convicted of insider trading charges has renewed his request that the judge reject the verdict. John M. Dowd of Akin Gump Strauss Hauer & Feld submitted papers yesterday in the Southern District to support his argument that the verdict against Raj Rajaratnam be thrown out. He noted in the submission that he had asked that his client be acquitted after prosecutors finished presenting their case and again before the verdict. Judge Richard J. Holwell has not ruled on the requests.
In his acquittal motion in United States v. Rajaratnam, S2 09-CR-1184, Mr. Dowd challenged the sufficiency of the government’s evidence against Mr. Rajaratnam. “While the court may not usurp the jury’s right to draw reasonable inferences from the evidence, a conviction may not rest on mere ‘speculation and surmise,’ and a conviction based on speculation and surmise ‘cannot stand,’” he wrote, quoting United States v. D’Amato, 39 F.3d 1249, 1256 (2d Cir. 1994).
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