Tuesday, 31 May 2016
Last updated 3 days ago
Dec 13 2011 | 2:22am ET
With Raj Rajaratnam safely behind bars, a judge yesterday agreed to end his record bail.
U.S. District Judge Richard Holwell and prosecutors approved the return of the Galleon Group founder's $17.5 million Manhattan apartment and $2.5 million in cash. Those assets had been used to secure the $100 million bail set when Rajaratnam was first arrested on insider-trading charges two years ago.
In addition, Holwell agreed to return Rajaratnam's passport; as a resident of the Federal Medical Center in Ayer, Mass., the former billionaire is no longer considered a flight risk.
"The defendant has fulfilled all the conditions of the Appearance Bond and he is currently in the custody of the Bureau of Prisons serving his sentence," the agreement between prosecutors and Rajaratnam's defense team said.
Rajaratnam has served about one week of his 11-year sentence. He was convicted in May.