Rajaratnam Appeals $93 Million Fine

Dec 8 2011 | 2:23am ET

Add another Raj Rajaratnam appeal to the docket. The convicted insider-trader has filed a notice of appeal of the record fine imposed against him in the Securities and Exchange Commission's civil case.

U.S. District Judge Jed Rakoff slapped Rajaratnam with a $92.8 million penalty last month, the maximum allowed by law, equal to three times the Galleon Group founder's illicit gains. The fine is on top of $63.8 million in fines and restitution Rajaratnam paid after his conviction in May.

The one-time billionaire began serving an 11-year prison sentence on Monday. He plans to appeal both that sentence and his conviction, as well as the SEC fine.

Rajaratnam's filing yesterday allows him to appeal the final judgment in the SEC case.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.