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» CUBA FOUND A CANCER VACCINE! MORE THAN 4 THOUSAND PEOPLE HAVE ALREADY BEEN CURED BY IT!
Yesterday at 9:15 pm by කිත්සිරි ද සිල්වා

» හදාගත් දරුවෝ: DNA බැංකුවට ශ්‍රී ලංකාවේ හා නෙදර්ලන්තයේ සහාය
Yesterday at 5:33 pm by Ethical Trader

» ෆයිසර් මුස්තාපාට එරෙහිව විශ්වාස භංගයක්?
Yesterday at 2:52 pm by Yin-Yang

» 'සිම්හල ද්වීපයේ පද්මාවතිය' හා අර්බුදයට මැදිවූ පද්මාවතී එක් තැනැත්තියක් ද ?
Yesterday at 1:22 pm by Ethical Trader

» ඉන්දියාව 'බ්‍රහ්මෝස්' සාර්ථක බව කියයි
Thu Nov 23, 2017 10:26 am by Ethical Trader

» How to Calculate the Future Value of an Investment
Wed Nov 22, 2017 11:46 am by Ethical Trader

» මුගාබේ ඉවත් වීමත් සමඟ 'හරාරේ' සැණකෙළි සිරි ගනියි
Wed Nov 22, 2017 11:34 am by Ethical Trader

» විසිපස් වසරක් ගෙවුනත් ඉල්ලීම් ඉටුවී නැහැ - නිදහස් මාධ්‍ය ව්‍යාපාරය
Wed Nov 22, 2017 11:30 am by Ethical Trader

» Dividend Announcement
Wed Nov 22, 2017 11:21 am by Ethical Trader

» කොටස් වෙළෙඳපොළේ ලැයිස්තුගත කෙරෙන අලුත්ම සමාගම – LVL Energy Fund Limited
Mon Nov 20, 2017 7:42 pm by nihal123

» අගමැති රනිල් බැඳුම්කර කොමිසම හමුවේ පැවසුවේ මොනවාද?
Mon Nov 20, 2017 7:08 pm by Ethical Trader

» Obituary Notice.
Mon Nov 20, 2017 3:03 pm by කිත්සිරි ද සිල්වා

» උතුරු කොරියාවේ "සබ්මැරීන බැලිස්ටික් මිසයිල වැඩසටහනකුත්"
Mon Nov 20, 2017 11:34 am by Ethical Trader

» උතුරු කොරියාව සහ න්‍යෂ්ඨික ප්‍රහාර: "නීති විරෝධී නියෝග පිළිපදින්නේ නෑ"
Mon Nov 20, 2017 11:28 am by Ethical Trader

» 'සොල්දාදුවාගේ සිරුරේ අඟල් එකොළහක පණුවෙක්'
Sun Nov 19, 2017 1:13 pm by කිත්සිරි ද සිල්වා

» මිනිස්සු දුවනවා, අපි නැවතිලා බලන් ඉන්නවා.
Fri Nov 17, 2017 5:46 pm by Ethical Trader

» Plantation sector updates
Fri Nov 17, 2017 11:54 am by lanka

» සිම්බාබ්වේ: ජනාධිපති රොබට් මුගාබේ "අත්අඩංගුවේ"
Fri Nov 17, 2017 9:54 am by Ethical Trader

» ආයෝජනයට ශ්‍රීලංකාවට එන්න එපා.! ජාත්‍යන්තර සමාගම් නිවේදනයකට සැරසෙයි
Wed Nov 15, 2017 8:15 pm by Admin

» Soldiers 'take over Zimbabwe broadcaster'
Wed Nov 15, 2017 5:52 am by කිත්සිරි ද සිල්වා

» බටහිර ලෝකය භේද කරන බවට රුසියාවට චෝදනා
Tue Nov 14, 2017 5:26 pm by Ethical Trader

» යුද අපරාධ සහ අතුරුදහන් කිරීම්: ශ්‍රී ලංකාවේ මානව හිමිකම් වාර්තාව ජිනීවා විමසුමට
Tue Nov 14, 2017 10:56 am by Ethical Trader

» ඉරාන, ඉරාක භූමිකම්පාවෙන් 200 කට වැඩි පිරිසක් මරුට
Mon Nov 13, 2017 5:27 pm by Ethical Trader

» මැද පෙරදිග බල තරඟය දරුණු අතට හැරෙයි
Mon Nov 13, 2017 3:16 pm by guruji

» වචන නම් අපේ ඒත් තනුව ?????????
Sun Nov 12, 2017 2:28 am by Rana

» දිල්ලියේ පරිසරය රැකීමට වාහන සලාක ක්‍රමයක්
Fri Nov 10, 2017 7:05 pm by Ethical Trader

» අයවැය සහ මෝටර් රථ: නව පිළිවෙතක්
Thu Nov 09, 2017 5:42 pm by Ethical Trader

» Flying is the Safest mode of Transport
Thu Nov 09, 2017 3:12 pm by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Thu Nov 09, 2017 10:13 am by කිත්සිරි ද සිල්වා

» වංචා දුෂණ නඩු කඩිනම් කරන්න විශේෂ මහාධිකරණයක්
Wed Nov 08, 2017 4:54 pm by කිත්සිරි ද සිල්වා

» LIOC.N0000 (Lanka IOC PLC)
Wed Nov 08, 2017 4:48 pm by Ethical Trader

» ගින්නෙන් දැවෙන අලි පැටවාගේ සේයාරුව පළමු තැනට
Wed Nov 08, 2017 4:35 pm by Ethical Trader

» 10 Things to Remember Before You Take Things Personally
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» හැම තැනම නැහැ, හැම දාම නැහැ
Tue Nov 07, 2017 5:30 pm by Ethical Trader

» Beware !
Mon Nov 06, 2017 10:56 am by CK

» සාම සාධක මෙහෙයුම් නිරීක්ෂණය කරන පළමු ශ්‍රී ලාංකික හමුදා නිලධාරිනියෝ
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» How to Find Undervalued Stocks and Turn a Large Profit
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» ඒකාබද්ධ විපක්ෂ කණ්ඩායමෙන් ශ්‍රීලනිපට කොන්දේසි හතක්
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» Taste of Asia
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» නිව් යෝර්ක් ප්‍රහාරය : අවම වශයෙන් 8 දෙනෙක් මරුට
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» NTB.N0000 (NATIONS TRUST BANK PLC)
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Rajaratnam loses bid to cut insider trading sentence

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Rajaratnam loses bid to cut insider trading sentence

Post by Backstage on Mon Mar 06, 2017 12:38 pm

Rajaratnam loses bid to cut insider trading sentence

March 6, 2017
-

A US federal judge has rejected Galleon Group hedge fund founder Raj Rajaratnam’s bid to void much of his insider trading conviction and shorten his 11-year prison sentence, Reuters reported.


U.S. District Judge Loretta Preska in Manhattan said Rajaratnam failed to show his actual innocence on five of the 14 counts on which he was convicted, or that two other counts should be vacated because the main government witness committed perjury.


Preska also rejected Rajaratnam’s argument that his trial counsel was ineffective, and denied Rajaratnam’s bid to reduce the $53.8 million he agreed to forfeit to about $4.3 million.


Christine Chung, a lawyer for Rajaratnam, did not immediately respond to requests for comment. U.S. Attorney Preet Bharara in Manhattan declined to comment through a spokeswoman.


Rajaratnam is the highest-profile fund manager convicted in Bharara’s crackdown on insider trading, which since 2009 has led to more than 80 convictions and guilty pleas, including a guilty plea from billionaire Steven A. Cohen’s SAC Capital Advisors LP.


Prosecutors said Rajaratnam made up to $63.8 million from 2003 to 2009 through insider trading in stocks such as eBay Inc (EBAY.O), Goldman Sachs Group Inc (GS.N) and Google Inc, now called Alphabet Inc (GOOGL.O).


Rajaratnam, 59, was convicted in May 2011 on nine securities fraud counts and five conspiracy counts. He has served 5-1/4 years in prison and is eligible for release in July 2021.


Former McKinsey & Co chief and Goldman director Rajat Gupta is awaiting a federal appeals court decision on whether to reverse his conviction for providing tips about Goldman.


In seeking a shorter sentence, Rajaratnam said he did not provide benefits to insiders for confidential information related to trades underlying five counts, or know that insiders provided that information for the sake of any benefit.


But on Dec. 6, the U.S. Supreme Court ruled in a separate case that gifts of confidential information could violate securities laws even if recipients did not give tangible benefits in return.


Preska wrote: “Here, because all the information was transferred between trading relatives or friends, the mere transfer of information is sufficient to constitute a benefit.”


Rajaratnam, moreover, “had knowledge that inside information was being conferred in exchange for such benefit,” she added.


The judge also rejected Rajaratnam’s claim that former McKinsey partner Anil Kumar perjured himself, citing alleged contradictory testimony Kumar gave three years later at a trial of Rajaratnam’s younger brother Rengan, who was acquitted.


Preska said the alleged contradictions were immaterial, and that “a faulty memory resulting in inaccuracies or mistakes” did not mean perjury occurred.
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