Rajaratnam’s $100 m bail remains
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R. Rajaratnam |
A federal judge refused to lower the $100 million bail for Raj
Rajaratnam, the billionaire hedge fund manager accused of heading an
insider-trading ring. US Magistrate Judge Theodore Katz did agree to
defense lawyers’ request to ease travel restrictions for the Sri Lanka
native, letting him travel within the United States provided government
officials know in advance where he is going.
Rajaratnam, founder of the hedge fund firm Galleon Group, is a
central figure in what prosecutors call the largest U.S. hedge fund
insider trading scandal.
His lawyers sought to reduce his bail to $25 million, citing their
client’s strong family and business ties. Reuters |
