Wednesday, 27 August 2014
Last updated 8 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...