Counsel for Raj Rajaratnam made a plea to keep him out of prison yesterday, arguing he should remain free on bail because he has a real shot of having his insider trading convictions vacated by the U.S. Court of Appeals for the Second Circuit.

Five days before the Galleon Group hedge fund founder is set to begin serving an 11-year prison sentence, attorney Patricia A. Millett told the Second Circuit that the prosecution should pay the price for omitting from its wiretap warrant application in 2008 that it had been interviewing witnesses, obtained millions of documents and had even deposed Mr. Rajaratnam himself while trying to build its case.

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