Galleon Hedge Fund Guru Raj Rajaratnam Faces 11 Year Prison Sentence

October 14 00:00 2011

New York, October 14 (RainbowNewsLine.com) – In a dramatic move by the American courts, Raj Rajaratnam, the hotshot hedge fund executive was sentenced to 11 years in prison on the grounds of insider trading. This puts him in the elite club of executives like Jeff Skilling of Enron who was sentenced 24 years and Ponzi scheme expert Bernard Madoff who was sentenced 150 years in prison.

Law experts say with the possibilities of parole limited, it is likely that Rajaratnam will spend at least 9 years in prison. This to many seems like making it destined for Rajaratnam to die in prison. This is because, he is known yto be suffering from many chronic illnesses like diabetes and a damaged kidney.

Right now, he is out on a $100 million bail and is expected to report to prison on November 28th. He will most likely be allowed to stay in a medical centre under the supervision of federal authorities. This will ensure that he gets the required medical attention while he appeals the courts verdict.

The judge refused to let Rajaratnam stay outside prison. This is because, he can easily access billions of dollars with a few clicks on the computer and is likely to flee to native Sri Lanka to avoid being put in jail.


 

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