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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...