Wall Street law breaker (ala Gordon Gekko) to disgorge $1.5 million

[No Elephants]

Rajaratnam agrees to pay $1.5 million disgorgement in SEC case
Thu Dec 27, 2012 12:23am EST

(Reuters) - U.S. hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed.

Rajaratnam would make the payment, representing the profits obtained by unlawful means, to the SEC within 90 days after the entry of the final judgment in court records, according to a filing.

Rajaratnam, currently serving a 11-year prison term, was convicted of securities fraud and conspiracy in May 2011. He was accused of running a network of friends and associates who leaked corporate secrets to him for years.

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Rajaratnam, the founder of Galleon Group, has already paid $63.8 million in criminal penalties, and a judge had earlier ordered him to pay $92.8 million in a civil case brought by the SEC.


(Reporting by Sakthi Prasad in Bangalore; Editing by Ryan Woo)

Sad part: $150 million probably does not represent the major part of the money he made over the years via the illegal inside information.

These are the turds to whom both major political parties transferred the contents of the U.S. Treasury, along with a respectable chuck of China's. The same turds who had the gall to run political ads in 2012 about how China was going to overpower us soon because of our debt.

[formercia]

1. Politicians cash-in too....

A juicy tip now and then keeps the skids greased....

[No Elephants]

2. But only Martha Stewart gets prosecuted.

[Enthusiast]

3. Yeah. Dubya walked off with over $100,000

on an insider trading deal. Of course his dad's SEC let it slide. But Martha contributed to liberal causes so she had to do hard time. Real nice justice for all thing there.

[formercia]

4. Martha has come a long way since then.

She has a home nearby in Bar Harbor.
Before the jail time she was a real piece of work.
One Day, she went into one of the shops and demanded to use the phone. She was told to use the pay phone across the street.
"Do you know who I am?" She replied? An elderly man piped up and said. " Do you know who I am?" "No" " I'm David Rockefeller, and I use the pay phone across the street."

A couple of Years ago, she went to the Library Book sale and waited in line with everyone else.

She's come a long way.

[Enthusiast]

5. A bit of humility is good.....nt

[No Elephants]

6. Not everyone her age can learn a lesson to the extent that it changes behavior.

So, kudos to her.

She has had other humbling experiences, too.