Raj Rajaratnam To Pay $1.5 Million Settlement
December 28 , 2012
The former US hedge-fund founder Raj Rajaratnam has agreed to pay $1.5 million as a settlement towards a civil lawsuit filed by the Securities and Exchange Commission (SEC). He has also agreed to waive his right to appeal the judgment. Raj Rajaratnam is currently serving an 11-year prison term for conviction on insider-trading charges. The settlement amount represents the profits obtained and the losses avoided by him due to unfair trading practices. The payment shall be made to the SEC within 90 days of the final judgment. Rajaratnam was convicted in May 2011 and accused of maintaining a network of associates who leaked corporate secrets to him.
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