Home » News

Hedge-fund head Rajaratnam begins 11-year prison term

[BBC, Wednesday, 7 December 2011 10:01 No Comment]

_57145512_rajaratnam_raj Disgraced hedge fund founder Raj Rajaratnam has arrived at a federal prison to begin serving the longest-ever sentence for insider trading.

Rajaratnam, who was sentenced to 11 years in jail, reported to a facility in Massachusetts.

He was fined $92.8m (£59.2m), also a record, and his case has led to more than two dozen related convictions.

The Galleon Group founder lost his bid to be freed during the appeals process, as he was considered a flight risk.

He reported on Monday to the Federal Medical Center in Devens, Massachusetts, which specialises in inmates who need medical care.

The Sri Lankan-born tycoon has advanced diabetes and will soon need a kidney transplant. His poor health was a sentencing consideration.

Rajaratnam was convicted in May on 14 counts related to insider trading.

His prison term is nearly half of the 20 years recommended by prosecutors.

[Full Coverage]

(For updates you can share with your friends, follow TNN on Facebook, Twitter and Google+)

Comments are closed.