Washington Post – A hedge fund founder’s long-shot bid to remain free pending appeals of his insider trading conviction and 11-year prison sentence was rejected Thursday by a federal appeals court.
The 2nd U.S. Circuit Court of Appeals in Manhattan denied the request of Raj Rajaratnam after hearing arguments a day earlier. Rajaratnam, a 54-year-old Sri Lanka native, was sentenced in October to the longest prison sentence ever to result from an insider trading case. He is scheduled to report to prison Monday. He had asked for leniency because of health problems.
