Raj Rajaratnam Convicted


Convicted on all counts of fraud and conspiracy making it the biggest insider trading trial in Wall Street's history is hedge fund founderRaj Rajaratnam is a Sri Lankan-American former hedge fund manager and founder of the Galleon Group, a New York-based hedge fund management firm. On October 16, 2009, he was arrested by the FBI for insider trading, which also caused the Galleon Group to fold.He stood trial in U.S. v Rajaratnam in the United States District Court for the Southern District of New York, and on May 11, 2011, was found guilty on all 14 counts of conspiracy and securities fraud. On October 13, 2011, Rajaratnam was sentenced to 11 years in prison and fined a criminal and civil penalty of over $150 million combined. Rajaratnam was incarcerated at Federal Medical Center, Devens in Ayer, Massachusetts, an administrative facility housing male offenders requiring specialized or long-term medical or mental health care. Rajaratnam was released to home confinement in his Upper East Side Manhattan apartment, located on Sutton Place, in the summer of 2019.

Convicted, May 11, 2011

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