Galleon Group LLC co-founder Raj Rajaratnam shouldn’t have to pay the Securities and Exchange Commission additional penalties after being sentenced to 11 years in prison and fined for insider trading, his lawyers said, according to a dry-eyed Bloomberg account.
Rajaratnam, 54, was ordered to pay a $10 million fine and forfeit $53.8 million at his Oct. 13 criminal sentencing, his lawyers noted yesterday in a filing in the lawsuit the SEC brought against him and Galleon in federal court in Manhattan.
The former hedge fund manager has “already suffered enormous financial consequences” and his penalty is “sufficient,” his lawyers told U.S. District Judge Jed Rakoff, who is presiding over the SEC case.
The lawyers said that Rakoff called Rajaratnam a “bad guy” during a previous hearing and described him as “someone who committed his wrongdoing to make a lot of money.” They asked the judge to review a pre-sentencing report prepared by court authorities to better understand him “Mr. Rajaratnam cares deeply about leaving behind a better world than the one to which he was born,” the lawyers quote the report as saying. “He truly cares about the causes he champions.”
More? Find it at http://www.bloomberg.com/news/2011-11-01/rajaratnam-says-he-shouldn-t-have-to-pay-sec-more-penalties.html
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