Former hedge-fund manager Raj Rajaratnam has agreed to pay $1.45 million to resolve a civil Securities and Exchange Commission lawsuit related to his alleged insider trading based on tips from former Goldman Sachs Group director Rajat Gupta, according to court documents.
Rajaratnam, founder of Galleon Group, was sentenced to more than 11 years in prison last year after he was convicted of conspiracy and securities fraud in a broad insider-trading scheme, including alleged tips from Gupta. Rajaratnam, 55 years old, is serving his sentence at a federal prison in Massachusetts and is appealing his conviction.
EPA
Raj Rajaratnam: Digging deep.
As part of a consent agreement signed by Rajaratnam earlier this month and approved on Dec. 24, he agreed to disgorge more than $1.29 million, representing his profits or losses avoided as a result of his alleged trading on Gupta’s tips, and to pay prejudgment interest of $147,738.
Raj will pony up $1.5M
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Raj will pony up $1.5M
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Raj will pony up $1.5M
