Thursday, 28 August 2014
Last updated 53 min ago
Nov 2 2011 | 10:52am ET
Raj Rajaratnam has suffered enough—and isn't such a bad guy, despite his conviction on insider-trading charges.
That's the gist of the Galleon Group founder's argument as to why he should be spared paying more than $100 million in addition disgorgement and fines. Rajaratnam's lawyers told U.S. District Judge Jed Rakoff, overseeing the Securities and Exchange Commission's lawsuit against him, that the former hedge fund manager has "already suffered enormous financial consequences" as a result of his conviction. Those consequences, plus an 11-year prison term, are "sufficient" punishment for the crime, they said.
The SEC disagrees: It is seeking more than $41 million in disgorgement and prejudgment interest and fines of $94.7 million—figures that would probably be reduced by the $53.8 million in disgorgement and $10 million in fines Rajaratnam has already paid in the criminal case.
Rajaratnam's lawyers took issue with the SEC's math in determining those figures, but primarily urged that Rajaratnam's criminal sentence and his actions to protect client assets in the wake of his arrest be taken into account.
Rajaratnam's decision to quickly shutter Galleon and return money to investors after his 2009 arrest "show that he was not motivated by greed or by the desire to make a lot of money."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...