Rajaratnam Prison Date Delayed

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.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

Business Insider has been reporting on the unusual trading activity of a mystery trader who placed a profitable short equity bet to the tune of $21 million on the Aug. 10 move in the CBOE Volatility Index (VIX).