The hedge fund Galleon group founder Raj Rajaratnam who was given the longest jail term of 11 years for indulging in insider trading, began his prison term in the Federal Medical Center in Devens, Massachusetts on Monday. This facility is located in the decommissioned military base Fort Devens, is for those inmates who require specialized or long term medical or mental health care treatment. Rajaratanam is said to be suffering from various health problems like diabetes, sleep apnea and high blood pressure and may also require a kidney transplant. The Sri Lankan born billionaire, last week had lost his appeal before the Federal Appeals Court to let him free while he appeals his conviction.
Prosecutors said that 11 years was the longest jail term and the fine of $92.8m was the largest fine, ever given for the crime of insider trading. Raj Rajaratnam was convicted in May 2011 and was guilty of 14 counts of securities fraud and conspiracy.
Report by Priyanka S Menon