NY judge fines wealthy ex-hedge fund boss $92M
NEW YORK (AP) — A judge has cited the "huge and brazen" nature of the crime as he imposed a $92 million civil penalty on a hedge fund boss snared in the biggest insider trading case ever.
Federal Judge Jed Rakoff ordered the penalty Tuesday for Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm).
He said Rajaratnam's insider trading scheme "cries out for the kind civil penalty that will deprive" him of a material part of his fortune.
The one-time billionaire was convicted earlier this year of insider trading charges and was sentenced last month to 11 years in prison.
Prosecutors said he earned as much as $75 million in illegal profits. They say he acted on secrets he got from friends and colleagues in the securities industry and at public companies.