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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...