Written by Malsha Fernando
09 Sep, 2019 | 9:00 pm
Colombo (News 1st) – A native of Sri Lanka and American business tycoon, Raj Rajaratnam has been released two years prior to completing his sentence of 11 years in a prison outside Boston.
The infamous business mogul, who was the co-founder of Galleon Group LLC, had been convicted on the charges of insider trading in 2011. Media reports emphasize that the 62-year-old’s billion-dollar empire was referred to as “one of the largest hedge-fund insider-trading rings in U.S. history” as his company was among the world’s 10 largest hedge funds in the early 2000s.
Arrested in 2009, Rajaratnam was mentioned as the 559th richest person in the Forbes Magazine with a net worth of $1.3 Billion as of 2009.
The case of Rajaratnam has been marked as one of the first insider-trading cases to be brought to light through wiretapping, which was a common tactic used by the prosecution to confront organized crime back then.
Rajaratnam, being aged over 60, has been allowed to serve the end of his sentence at home in compliance with the 2018 First Step Act. The indicated Act allows federal inmates who are over the age of 60 or those who face terminal illnesses to serve the end of their sentences at home. Despite the fact that he is mostly confined to his home, he is granted permission to work away from home during the day. Media reports further stated that it is unclear if the Sri Lankan-American business mogul is employed now.
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