Wednesday, 28 September 2016
Last updated 12 min ago
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."