New York: A federal judge ordered Raj Rajaratnam, the Galleon Group hedge fund founder convicted of insider trading, to pay a $92.8 million penalty in a related civil case brought by the United States (US) Securities and Exchange Commission (SEC).
The penalty was imposed by US district judge, Jed Rakoff, in Manhattan.
Raj Rajaratnam co-founder of Galleon hedge fund group. Photo: AP
Rajaratnam was convicted in May of 14 counts of securities fraud and conspiracy in a separate criminal case. Rakoff’s colleague, US district judge, Richard Holwell, sentenced Rajaratnam last month to an 11-year prison term.