Convicted Hedge Fund Exec Raj Rajaratnam Fined $92.8 Million

He was found guilty of insider trading in May.

By By Jonathan Dienst, Shimon Prokupecz and Joe Valiquette
|  Tuesday, Nov 8, 2011  |  Updated 6:11 PM EDT
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Convicted Hedge Fund Exec Fined $92.8 Million

AP

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Convicted hedge fund executive Raj Rajaratnam was fined $92.8 million dollars for his insider trading violations.

The record $92 million civil penalty is in addition to the $63.8 million in criminal fines and restitution imposed after he was convicted and sentenced to 11 years in prison.

The Securities and Exchange Commission said Rajaratnam made illegal trades of more than 15 publicly traded companies.

“The penalty imposed today reflects the historic proportions of Raj Rajaratnam’s illegal conduct and its impact on the integrity of the markets,” SEC Enforcement Chief Robert Khuzami said Tuesday.

Federal judge Jed Rakoff said he agreed with the SEC that "this case cries out for the kind of civil penalty that will deprive this defendant of a material part of his fortune." 

Billionaire Rajaratnam is one of 50 Wall Street traders and consultants convicted in recent years in connection with an FBI insider trading investigation. He was sentenced last month in federal court in Manhattan.

A call to Rajaratnam’s attorney at Akin Gump Strauss Hauer and Feld for comment was not immediately returned. 
 

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