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Rajaratnam's prison date changes

November 1, 2011
Raj Rajaratnam will have an extra week of freedom. A federal judge has ordered the convicted hedge fund founder to report to prison on Dec. 5 to begin serving his 11-year prison sentence for insider trading, a week later than he was previously schedule to report. Rajaratnam, 54, had been scheduled to go to prison on Nov. 28. No reason for the change was given in a written order by U.S. District Judge Richard Holwell. The judge imposed sentence on Oct. 13 after the Galleon Group multimillionaire founder was convicted in May by a federal jury on 14 criminal charges of insider trading. Sri Lankan-born Rajaratnam was the central figure in a broad government crackdown using FBI phone taps. His lawyers have asked the Federal Bureau of Prisons to send him to a facility in Butner, North Carolina, where his health problems, including complications from diabetes, can be treated. It is the same prison where epic swindler Bernard Madoff, 73, is serving a life sentence for running a decades-long investment fraud of tens of billions of dollars. [reuters 11/1/11]