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November 19, 2013 AT 2:07 AM
A federal appeals court on Monday refused to disturb the insider trading conviction of Galleon Group hedge fund founder Raj Rajaratnam, one of the most prominent defendants in the U.S. government's wide-ranging probe into insider trading. Rajaratnam, 56, is serving an 11-year prison term following his May 2011 conviction by a Manhattan federal jury on nine counts of securities fraud and five counts of conspiracy.