Saturday, 30 May 2015
Last updated 1 day ago
Nov 3 2011 | 9:17am ET
It seems two of the biggest hedge fund fraudsters in history won't be neighbors in jail, after all.
Despite a recommendation from the judge in the case that he be sent to a Bureau of Prisons medical center in Butner, N.C., Galleon Group founder Raj Rajaratnam has been assigned to another prison medical center somewhat closer to home, about 40 miles outside Boston. Rajaratnam, who was sentenced last month to 11 years in prison, has been ordered to report to the Federal Medical Center Devens in Ayer, Mass., on Dec. 5, Bloomberg News reports.
It is not clear why the Bureau of Prisons picked Devens over Butner. Rajaratnam has a whole host of medical ailments, highlighted by severe diabetes. His lawyers say he is likely to require a kidney transplant—something 15 Devens inmates have had over the past seven years.
Had the Bureau accepted U.S. District Judge Richard Holwell's recommendation, made at the urging of Rajaratnam, the Galleon fraudster would have shared a prison complex with Bernard Madoff, who is serving his 150-year sentence for running a $65 billion Ponzi scheme at Butner.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…