NY fund boss to pay $1.45M to settle SEC suit

Published on NewsOK Modified: December 27, 2012 at 4:14 pm •  Published: December 27, 2012
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Prosecutors said Rajaratnam earned as much as $75 million in illegal profits in a case that resulted in more than two dozen convictions. They said he acted on secrets he got from friends and colleagues in the securities industry and at public companies.

Rajaratnam was convicted thanks largely to wiretaps prosecutors used to back up their claim that he made a fortune by coaxing a crew of corporate tipsters into giving him an illegal edge on blockbuster trades in technology and other stocks. His defense argued that the tapes revealed nothing more than that he was doing his duty by asking questions about information already circulating in the "real world" of high finance.

Rajaratnam, 55, is serving 11 years at a Massachusetts federal prison and has appealed.