BREAKING: Rakoff Raps Raj; Orders Him To Turn Over Wiretaps To SEC

As if guilty pleas by more and more defendants in the Galleon hedge fund insider trading case aren't presenting enough problems for billionaire Raj Rajaratnam, today federal District Court Judge Jed Rakoff  ordered Rajaratnam to turn over to the SEC, for its use in its civil action against him, copies of wiretaps that the government is using in its criminal case against him. 

Rakoff stated that the idea “that only one party to a litigation should have access to some of the most important non-privileged evidence bearing directly on the case runs counter to basic principles of civil discovery in an adversary system.”

Trials in this insider trading action are looking less and less likely.