Published On: Thu, Dec 27th, 2012

Rajaratnam agrees to pay $1.5 million

US hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission (SEC), and to waive his right to appeal the judgement, court papers showed. Rajaratnam would make the payment, representing the profits obtained by unlawful means, to the SEC within 90 days after the entry of the final judgement in court records, according to a filing. Rajaratnam, currently serving a 11-year prison term, was convicted of securities fraud and conspiracy in May 2011. He was accused of running a network of friends and associates who leaked corporate secrets to him for years.

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Rajaratnam agrees to pay $1.5 million