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Rajaratnam Loses Bid to Remain Free Pending Appeal
December 1, 2011
Raj Rajaratnam has lost his bid to remain free on bail while he appeals his insider-trading conviction, a ruling that forces the fallen hedge fund manager to report to prison this Monday, December 5th.
In a short order issued this afternoon, the three-judge panel, without explanation, denied Mr. Rajaratnam’s request. During the hearing, the judges had expressed concern that Mr. Rajaratnam was a flight risk and could have an incentive to flee to his native Sri Lanka.
Next week, Mr. Rajaratnam will be living as a centimillionaire at the Federal Medical Center Devens. Mr. Rajaratnam, 54, was assigned to that facility because of his health problems. He has diabetes that could lead to eventual kidney failure, according to medical records submitted to the court.
Mr. Rajaratnam, the former head of the hedge fund Galleon Group, will serve an 11-year sentence – the longest prison term to date for insider trading.[Dealbook 12/1/11]
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