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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of