Rajaratnam To Appeal $92 Million Fine

Nov 17 2011 | 12:39pm ET

Raj Rajaratnam will appeal the record fine levied against him last week by a federal judge.

The Galleon Group founder, who also plans to appeal his conviction on criminal insider-trading charges and his 11-year prison sentence, set to begin early next month, will likely argue that the $92.8 million fine handed down by U.S. District Judge Jed Rakoff is onerous.

Rajaratnam's defense team will point to the $63.8 million in restitution and fines he's already paid in the criminal case—and the decade in prison—as sufficient punishment. They'll also probably take issue with the calculations of Rajaratnam's gains from the scheme, and with reports of his net worth.

"Raj is worth nowhere close to $1 billion," a source told Fox Business Network. "This will significantly impact him."


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note