Raj Rajaratnam, the former hedge-fund manager sentenced to more than 11 years in prison for insider trading, was ordered to pay a record financial penalty of more than $92.8 million in a related civil case brought by the Securities and Exchange Commission, the Wall St Journal reports.
The ruling, handed down by U.S. District Judge Jed S. Rakoff in Manhattan, marks the largest civil penalty imposed against an individual in SEC insider trading case, the regulator said. Judge Rakoff said the Galleon Group founder's improper trading demanded a fine that would deprive him of "a material part of his fortune…."
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