A hedge fund founder currently serving the longest prison term ever given for insider trading will also be writing the government a big check.
Raj Rajaratnam, 55, convicted last year of trading on inside information from 2003 through 2009, will pay nearly $1.45 million to settle a civil case brought by the Securities and Exchange Commission, according to court documents.
A federal judge approved the deal Thursday.
The settlement includes $1.29 million representing profits gained and losses avoided as a result of trading on tips from former Goldman Sachs Group Inc. director Rajat Gupta, who was convicted separately in June. It also includes $147,738 in prejudgment interest.
AP
Raj Rajaratnam
Sri Lanka-born Rajaratnam, founder of the Galleon Group of hedge funds, is serving 11 years at a Massachusetts federal prison, and has appealed.
Galleon Group insider trader Raj Rajaratnam to pay $1.45m in civil suit settlement
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Galleon Group insider trader Raj Rajaratnam to pay $1.45m in civil suit settlement
