Rajaratnam agrees to pay $1.5 million disgorgement in SEC case
REUTERS - U.S. hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed.
Rajaratnam would make the payment, representing the profits obtained by unlawful means, to the SEC within 90 days after the entry of the final judgment in court records, according to a filing.
Rajaratnam, currently serving a 11-year prison term, was convicted of securities fraud and conspiracy in May 2011. He was accused of running a network of friends and associates who leaked corporate secrets to him for years.
Former Goldman Sachs Group Inc (GS.N) director Rajat Gupta, a former chief of consulting firm McKinsey & Co, has also been charged with leaking tips to Rajaratnam. Gupta denies the charges.
Rajaratnam, the founder of Galleon Group, has already paid $63.8 million in criminal penalties, and a judge had earlier ordered him to pay $92.8 million in a civil case brought by the SEC.
The case is SEC vs Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 11-07566.
(Reporting by Sakthi Prasad in Bangalore; Editing by Ryan Woo)
- Tweet this
- Share this
- Digg this
- UPDATE 9-Total CEO de Margerie killed in Moscow as jet hits snow plough
- Indiana police charge suspect who may have killed for decades
- Total CEO de Margerie killed in Moscow business jet accident
- China's growth slowest since global crisis, annual target at risk
- Oil falls below $86 as oversupply, global economy worries weigh
India's second-biggest private sector lender by assets on Tuesday reported a 20 percent rise in quarterly net profit, lagging estimates, due to higher tax expenses and provisioning for loan losses. Full Article | Quote
Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman. Full Article