Thursday, 27 October 2016
Last updated 14 min ago
Nov 1 2011 | 9:11am ET
Raj Rajaratnam will remain free for at least one more week.
The Galleon Group founder was ordered to report to prison on Dec. 5, a week later than originally scheduled. He also learned where he'll begin his 11-year sentence for insider-trading: the federal medical center in Butner, N.C., part of the same penitentiary complex that houses fellow arch-fraudster Bernard Madoff.
U.S. District Judge Richard Holwell, who sentenced Rajaratnam earlier this month, did not offer a reason for the extension. Rajaratnam's lawyers are still fighting to allow him to remain under house arrest pending his appeal of both his conviction and sentence.
Holwell had recommended that Rajaratnam be sent to the Butner medical facility. At Rajaratnam's sentencing, Holwell said that the 54-year-old suffers from advanced diabetes and will likely need a kidney transplant, adding that his health impacted the sentencing decision. Rajaratnam's lawyers have said that their client also suffered a stroke four years ago.