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: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note