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: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

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

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...