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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Ex-Hedge Fund Billionaire Won’t Run For Senate

Jan 23 2015 | 5:48am ET

Ex-hedge fund manager Tom Steyer will not run for Senate after Sen. Barbara Boxer...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note