On Friday October 16th, 2009, Raj Rajaratnam was arrested by the FBI and accused of conspiring with others to trade based on insider information about several publicly traded companies, including Google Inc. U.S. Attorney Preet Bharara, putting total profits in the scheme at $20.6 million, told a news conference it was the largest hedge fund case ever prosecuted . If convicted he will face maximum jail sentence of 20 years.
It is now revealed that Raj Rajaratnam has given more than $3.5 million to the Tamil Rehabilitation Organization (TRO), whose assets were frozen by the U.S. Treasury Department in Nov. 2007 because of its alleged ties to the Tamil Tigers. According to documents filed with the IRS, Rajaratnam's contributions to the TRO were made in 2005 and 2006 through a separate charity, which he founded in the wake of the tsunami which hit Sri Lanka in Dec. 2004. Last month, he put up $1 million to fund reintegration programs for Tamil Tiger fighters whose rebellion was crushed earlier this year.
Raj Rajaratnam, founder of the Galleon Group, is also connected with an indictment against a Sri Lankan member of Parliament and two others, according to the Daily Mirror of Sri Lanka. The MP and his two accomplices were indicted for depositing $3 million in a private Sri Lankan bank without informing the nation’s central bank, a violation of Sri Lanka’s banking rules. According to the indictment, $1 million of the funds came directly from Galleon on Dec. 22, 2006, and $2 million were deposited by Mr. Rajaratnam on Jan. 3, 2007. The funds were intended to purchase shares in the Union Bank of Sri Lanka, according to the Mirror.
Big Democratic Booster in USA:
The US Democrats have lost another source of political funding. It turns out arrested hedge fund manager Raj Rajaratnam -- charged in a $20 million insider trading case -- has given big to the party in power.
Here are his largest cumulative contributions this decade, according to data from OpenSecrets:
- $26,700 to the Democratic Senatorial Campaign Committee
- $26,200 to the Democratic National Committee Services Corp.
- $11,100 to Hillary Clinton
- $10,000 to the New Jersey Democratic State Committee
- $4,600 to Barack Obama
- $2,000 to Charles Schumer
Raj Rajaratnam, a major investor in several blue chips in this country including John Keells Holdings conglomerates, Hayleys and Commercial Bank. We need to keep our finger crossed wait to see what the reaction of these so called blue chip companies after one f their top investor being found guilty of frauds and funding terrorist organization.
The social background of the crook:
He was born in Sri Lanka and attended one of the most prestigious schools on the Island named St Thomas' College, Mt. Lavinia. His father J.M. Rajaratnam (senior) was born in Alvai South, Vadamaradchy, an old boy of Hartley College, Point Pedro. J.M. Rajaratnam was the chairman of Singer (Sri Lanka) in the 1970s before being promoted to head the multinational’s South East Asia operation based in Bangkok. Raj Rajaratnam is married, with three children, describes his hobbies as travel, world affairs and sports.
Before the arrest, Sri Lankan media has promoted this crooks image as the most successful Sri Lankan born investor. He was frequently referred to be a symbol of successful Tamil live in exile.
References:
- Indicted N.Y. Financier Gave Big to Hillary and Terror Charity
- Raj Rajaratnam Big Democratic Booster
- Opensecrets.org
Now, the Feds are showing him off. Here's his perp walk moments ago:
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