Wednesday, 29 March 2017
Last updated 4 hours ago
Jan 2 2013 | 12:51pm ET
Convicted insider-trader Raj Rajaratnam has agreed to pay some of the nearly $160 million in fines and disgorgement assessed against him.
The Galleon Group founder, convicted of fraud in 2011, reached a deal with the Securities and Exchange Commission last week. Rajaratnam, currently serving an 11-year prison sentence, will pay $1.3 million in disgorgement and $147,738 in interest. He has already paid $53.8 million in forfeitures and a $10 million fine as part of the criminal case against him.
Rajaratnam is still fighting the record $92.8 million fine imposed by the SEC. The $1.5 million deal stems from the SEC's case against former McKinsey & Co. chief Rajat Gupta, who allegedly passed Rajaratnam tips about two companies on whose boards he served. Gupta was convicted of insider-trading in June.