Rajaratnam begins serving 11-year prison term
(Srilankamirror) - Convicted Sri Lankan-born hedge fund founder Raj Rajaratnam has arrived at a US federal prison to begin serving the longest-ever sentence for insider trading.
Rajaratnam, who was sentenced to 11 years in jail, reported to a facility in Massachusetts, BBC Sandeshaya reports.
He was fined 92.8 million dollars, also a record, and his case has led to more than two dozen related convictions.
The Galleon Group founder lost his bid to be freed during the appeals process, as he was considered a flight risk.