Monday, 20 October 2014
Last updated 7 hours ago
Dec 6 2011 | 1:03pm ET
Raj Rajaratnam, convicted of running one of the largest insider-trading rings in history, reported to prison yesterday to begin his 11-year sentence.
The Galleon Group founder, once a billionaire, reported to Federal Medical Center Devens in Ayer, Mass., at about 12:30 p.m., a spokeswoman for the U.S. Bureau of Prisons said. Rajaratnam made the trip from his Manhattan penthouse to the decommissioned military base after a final weekend at home—a federal appeals court on Friday refused to grant the hedge fund honcho's request to remain free pending his appeal of both his May conviction and his sentence.
Rajaratnam was fingerprinted, photographed, strip-searched and given his inmate number, 62785-054. Beginning today, it'll be a whole lot of nothing: Rajaratnam is subject to five spot checks a day, will have only 15 minutes per hour to move about the prison and 300 minutes on the phone each month, and is subject to lights out at 9:30 p.m.
Rajaratnam was sent to Devens due to his health problems, among them serious diabetes likely to require a kidney transplant. Devens, about 35 miles northwest of Boston and 25 miles north of Worcestor, specializes in long-term medical care and features its own dialysis center.
And given Rajaratnam's health, he'll likely not be given a work assignment, at least for the time being. Most inmates at Devens are assigned to do manual labor.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...