Sri Lankan Tamil hedge fund billionaire will be a guest of the American prison system for the next 11 years for insider trading.
The sentence is the longest ever for insider trading.
Judge Richard J.Holwell, who sentenced Rajaratnam today, also fined him $10 million and ordered the forfeiture of $53.8 million.
Judge Holwell said:
Insider trading is an assault on the free markets…His crimes reflect a virus in our business culture that needs to be eradicated.
Rajaratnam, founder of the Galleon Fund, was found guilty on 14 counts of securities fraud and conspiracy by a 12-member jury in May.
Given Rajaratnam’s health problems (the man supposedly has advanced diabetes), we doubt whether he will ever smell the roses or see a Rajinikanth film again.
We don’t know if Rajaratnam loves Rajini films but even if he does, not much he can do ’bout it. 😉
But the man has lots of money.
So, don’t rule anything out yet. Most likely, the sentence will be appealed. 🙁
Tamil Hedge Fund Manager Raj Rajaratnam Convicted
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BTW, Rajaratnam will be serving time in your state (with Bernie Madoff as company).
One more feather in your cap. 😉
MuniAndi – Is your profile pic meant to taunt SI? 😀
Each time we see it, we pull one hair out.
Now, don’t ask where. 😉
ROFL 😀 😀
@SI – uh.. it is just 45 minutes away from my place.
@naveen – yes.. that was supposed to be taunt.. looks like it resulted in some hair loss..
Justice has been served.
I am so glad that this douchebag is in jail.
I hope and pray that other scumbags like him who do insider trading and fraudulent activities in stock markets are arrested as well.
Gosh, I lost more than 5 grands in stocks because of such fraud people 🙁
You write: Gosh, I lost more than 5 grands in stocks because of such fraud people
Alas, the stock market is no longer a stage where retail investors can ever hope to win without insider information.
Where is Seeman? Where is Vaiko? Where are all the Tamizh fanatics?
Idhu Tamizhan udiya valarchi thadukka oru Sadhi (a conspiracy to prevent the rise of Tamils) 😀
“Sri Lankan Tamil hedge fund billionaire will be a guest of the American prison system for the next 11 years for insider trading.
The sentence is the longest ever for insider trading.” – I am afraid the punishment is not enough. His assets should be freezed and his citizenship be cancelled. Just 11 years for all those billions he swindled is not enough. He will come out of prison after 11 years and make merry with the swindled money anyways. His assets should be frozen and when he comes from prison, he should be no richer than the poorest American in US.
Already Indians have a bad image abroad, with [deleted] like this guy and the Citigroup CEO Vikram Pandit, our image is tarnished even further.
Looks like you are resting.. but had to disturb you with this not so disturbing video – the video games nowadays are so awesome that Kollywood has started copying from them.
Very interesting….Thanks. 🙂
Since you’re more familiar with video-games than yours truly, you’re the ideal choice to do this review for SI and regale our readers with Dr.Vijay’s antics this Deepavali.
So, please give your Bombay Fornicator a break and make this Deepavali like no other.
If you agree, we’ll pay you $25 plus we’ll review three movies of your choice (as long as they’re available at NFLX or running in theaters around us).
I haven’t played Assassin’s Creed – I think abhi has (based on one of his earlier comments).. he may be the right candidate. Thanks for the offer, though (Secretly I am scared of exposing my lack of eloquence to a wider audience!)
Lily-livered poltroons. 🙁
That sounds like something Captain Haddock would say(without the sad face).
Your favorite Andy Serkis is playing Haddock in the forthcoming The adventures of Tintin
If our memory serves us right, we read our last Tintin comic some 35-years back. That would have been during Indira Gandhi’s infamous Emergency days when you were likely still wetting your undies. 😉
While I can empathize with your bilious post ranting against these white collar criminals, I disagree with the rabid stereotyping based on language or nation. Rajaratnam is an American of Lankan origin. Had he been Buddhist Sinhalese would you have ranted Sinhala and so on.
The sad part is that in the grand scheme of things the biggest fishes have gotten away scot free and in some cases benefited by Govt. aid to help themselves avoid bankruptcy.
You write: I disagree with the rabid stereotyping based on language or nation.
Of course, schmucks like you will disagree with sensible points made by SI.
Read on, you ignoramus.
Rajaratnam is a Tamil, who’s taken pains to devote himself to Tamil causes by giving millions of dollars in charity to Tamil outfits like the Tamil Rehabilitation Organisation.
Source: Wall Street Journal
By donating millions of dollars to Tamil outfits, Rajaratnam himself is tacitly acknowledging his Tamil ethnic roots and support for his Tamil community.
One of the reasons Rajaratnam got a lesser sentence was his charity work (and mind you, a lot of this charity work was aimed at helping Tamils).
In light of all the above, there’s absolutely nothing wrong with SI highlighting Rajaratnam’s Tamil origins in our post.
The next time you get the restless urge to describe our writing as ‘rabid’ or ‘rants’ we strongly urge you to make sure that you are not foaming at the mouth.
BTW, a little reading before posting a comment won’t hurt you.
Vandatangapa comedy pasanga (here come the clowns).