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25. Rajaratnam Agrees to Pay $1.5 Million to Settle SEC Case

Thu Dec 27, 2012, 08:50 AM

Dec 2012

http://www.bloomberg.com/news/2012-12-27/rajaratnam-will-pay-1-5-million-disgorgement-in-sec-case-1-.html

Galleon Group LLC co-founder Raj Rajaratnam, who is serving 11 years in prison for insider trading, agreed to pay $1.5 million to settle a civil case brought by the U.S. Securities and Exchange Commission.

Rajaratnam agreed to pay $1.3 million representing profits gained and losses avoided as a result of the conduct the SEC alleged in the case, according to a filing yesterday in federal court in New York. He will also pay $147,738 in interest.

Rajaratnam was convicted of directing the biggest hedge fund insider-trading scheme in U.S. history. At trial, the government introduced 45 wiretap recordings, along with documents and testimony derived from the wiretaps.

The agreement yesterday stems from a civil case in which Rajaratnam is a co-defendant with one of his alleged sources of illicit information, former Goldman Sachs Group Inc. (GS) director Rajat Gupta, who was sentenced to two years in prison for insider trading.

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