Big House Awaits Rajaratnam After 2nd Circ. Denies Bail

Law360, New York (December 1, 2011, 4:17 PM EST) -- Galleon Group LLC founder Raj Rajaratnam must begin serving his prison sentence while he appeals his insider trading conviction, the Second Circuit said Thursday, denying his last-resort request for bail.

The court, which heard oral arguments on the motion for bail Wednesday, issued its decision in a two-paragraph order signed by the court's clerk.

“Upon due consideration, it is hereby ordered that the motion is denied,” Clerk Catherine O'Hagan Wolfe said. “The defendant shall surrender at such time and place as shall be instructed by the...
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