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The impact of the recent conviction of Galleon Group’s co-founder, Raj Rajaratnam,1 for insider trading has been called “seismic,”2 due to the novel use of wiretap evidence to bring the crime to life before the jury. As the recent trials of Mr. Rajaratnam, Zvi Goffer, and expert networking consultant Winifred Jiau have unfolded, the full scope of the government’s wiretapping has been revealed. The government’s recordings have ensnared not just traders and financiers but also officers and directors of public companies, lawyers, and consultants. As a result, Wall Street may now be wondering “is law enforcement listening?” whenever they pick up the phone, as U.S. Attorney Preet Bharara warned in announcing the arrest of Mr. Rajaratnam.

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