NEW YORK (AP) — Federal prosecutors in New York say a billionaire hedge fund manager charged in a $25 million insider trading case must remain held under a $100 million bail because he has the money and the incentive to flee.
The government urged a judge Wednesday not to lower 52-year-old Raj Rajaratnam's (RAHJ rah-juh-RUHT'-nuhm) bail. His attorney had asked last week that the bail be reduced to $25 million. But prosecutors say Rajaratnam has the means to live anywhere in the world and knows he could face more than 10 years in prison if he's convicted. He's the 236th richest American.
Rajaratnam was charged with conspiracy last month in federal court in Manhattan. His lawyer says he will be exonerated because he did not make illegal trades.
