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33. NPR - Wall Street Wiretaps: Investigators Use Insiders' Own Words To Convict Them

Wed Dec 26, 2012, 09:02 AM

Dec 2012

12/26/12 Wall Street Wiretaps: Investigators Use Insiders' Own Words To Convict Them

Wiretaps allowed investigators to listen in on the skyscrapers of midtown Manhattan for the first time and build insider trading cases with more than circumstantial evidence.

Rajaratnam was convicted in May after a trial featuring more than 2,400 taped phone conversations. Many of those recordings included Rajaratnam disclosing over the phone that he got an inside tip and was planning to trade on it.

Rajaratnam's lawyers have appealed his conviction on the ground that the wiretaps were illegal.

Rajat Gupta, a former Goldman Sachs board member and close friend to Rajaratnam, was convicted this year.

Now prosecutors are said to be closing in another hedge fund giant — billionaire Steven Cohen. And investigators say all these cases, and others, cropped up because a bunch of scared people heard their voices on wiretaps and started coughing up information.

more text and audio at link
http://www.npr.org/2012/12/26/168021457/wall-street-wiretaps-investigators-use-insiders-own-words-to-convict-them

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