Sentencing of Rajaratnam delayed
22 September 2011 03:37 am
Sentencing of Raj Rajaratnam, the hedge fund magnate convicted in the biggest Wall Street insider trading case in years, has been postponed until October.
A court order Wednesday by New York federal Judge Richard Holwell moved sentencing day from September 27 to October 13. No reason was given
Sri Lankan-born Rajaratnam, founder of the Galleon Group hedge fund, was found guilty on 14 counts of conspiracy and securities fraud in May. An initial sentencing date of July 29 had already been postponed until the end of the summer while Rajaratnam, 54, remained under house arrest. Prosecutors have asked for a hefty sentence of as much as 24 years.
(AFP)