Yes folks, Raj Rajaratnam will enjoy another two months of freedom. According to the NY Times' Dealbook Mr. Rajaratnam, the Galleon Group hedge fund manager, will not be sentenced for his conviction on insider trading charges until Sept. 27. Previously, Rajaratnam was scheduled to be sentenced on July 29 after a jury found him guilty of 14 counts of securities fraud and conspiracy.
In an order filed late Thursday, Judge Richard J. Holwell of Federal District Court agreed to the postponement, which had been been requested by the United States Attorney’s Office in Manhattan and Rajaratnam’s lawyers. The postponement was not unexpected, since sentencing in many court cases is often delayed in summer months because of vacations.
Although Rajaratnam could be sentenced to as many as 25 years in prison, federal prosecutors said the recommended sentence under federal sentencing guidelines would be 15 ½ to 19 ½ years. Rajaratnam has been free on $100 million bail. After his conviction on May 11, Judge Holwell ordered home detention and electronic monitoring for Mr. Rajaratnam as he awaited sentencing….
Read more at http://dealbook.nytimes.com/2011/06/30/rajaratnams-sentencing-is-delayed/
No comments:
Post a Comment