Thursday, 31 July 2014
Last updated 18 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…