Galleon Group founder Raj Rajaratnam was been released on $100 million bail on criminal charges in an alleged $20 million insider-trading scheme. It is the highest bail ever set in the United States.
U.S. Magistrate Judge Douglas Eaton approved bail, which is secured by $20 million in cash and property. Several friends and colleagues reportedly offered to assist in obtaining the cash backing the bail bond. Rajaratnam was released Friday and ordered to limit his travel to a 110 mile radius of New York City. He has surrendered his passports to the court.
Rajaratnam has been charged with four counts of conspiracy and seven counts of securities fraud. Conviction on even one of the counts of securities fraud could result in a maximum penalty of up to 20 years in prison and a fine of up to $5 million, or twice the gross gain or loss of an illegal trade. The SEC has also filed civil charges against Rajaratnam.
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