Galleon's Raj Wants Bail Chopped To $25 Million

, the Galleon Group hedge fund founder accused of directing an elaborate insider- trading ring, told a judge he’s being treated worse than Bernard Madoff and asked that his bail be slashed by three-quarters to $25 million.

Rajaratnam, 52, requested a lower bond in a letter filed today with U.S. Magistrate Judge Frank Maas in New York. His attorney, John Dowd, wrote that the government’s case is weak and that Rajaratnam intends to clear his name and won’t flee. Dowd said his client needs permission to travel within the U.S. to meet with lawyers and sell his company.

Keep reading >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at