Mastermind of largest hedge fund insider trading rings in US, Raj Rajaratnam in Sri Lanka

28 December 2022 09:26 pm Views - {{hitsCtrl.values.hits}} 32 Bookmark

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Sri Lankan-born Galleon hedge fund founder Raj Rajaratnam, alleged of being the mastermind of the largest hedge-fund insider-trading rings in US history, is presently in Sri Lanka and will meet some Sri Lankan politicians in the coming days, the Daily Mirror learns.

The founder of Galleon Group Hedge Fund, Sri Lanka-born Raj Rajaratnam was arrested by the FBI and charged with criminal offenses of insider trading securities frauds in 2009.

Rajaratnam had also been accused of giving more than US$3.5 million to the Tamil Rehabilitation Organization (TRO) whose assets were frozen by the US Treasury Department in Nov. 2007 because of its alleged ties to the Tiger terrorists.

Rajaratnam was also linked to the controversial US$ three million which was deposited at the Standard Charted Bank Branch in Kirillopane without the authority of the Central Bank in 2006.

Former UNP MP Ravi Karunanayake's name was linked in the illegal transaction but in 2015, Karunanayake was acquitted by court on charges of money laundering in violation of the Exchange Control Act. (JAMILA HUSAIN)

Comments - 32

Pantha Kumaran Wednesday, 28 December 2022 11:48 PM

Today what Sri Lanka need is foreign currency. We don't care where it comes from. We are more than happy to receive foreign money from any crooks. Raj Rajaratnam made enough money. I understand his wealth is well in excess of USD 1 billion. This is only the declared asset. I am sure he may have assets held in other countries. I have no objection if Raj Rajaratnam wants to invest any money in Sri Lanka.

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Herath Dhammika Thursday, 29 December 2022 12:16 AM

A convicted felon, meeting politicians! only in Sri Lanka! A terrible state of affairs! on the other hand, birds of feather , flock together!!!

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L Jaya Thursday, 29 December 2022 01:28 AM

This will be another disaster in the offing. Why politicians entertaining him, a world renowned thief.

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Rasalingam Zevior Thursday, 29 December 2022 01:38 AM

Sri Lankan politicians entertain this convicted criminal in USA. But Sri Lankan government welcomes him with open arms. Who knows what’s ahead for all ready bankrupt country. This guy should have arrested upon arrival for funding TRO, that is a crime against Sri Lankan people.

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Dilipkumar Canada Thursday, 29 December 2022 03:38 AM

He also contributed huge some of money to SL budhist organization. It was not mentioned in the article.

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Asela Udhaya Bandara Jayampathy Thursday, 29 December 2022 05:54 AM

Though taken down by Preet Brahara for securities violations Raj is the quintessential come back kid. John Keels and many blue chip companies would not have been what they are today if not for Raj. Thanks for being here. We need Raj now more than ever to lift Sri Lanka out from the abyss. Raj help OXWAGEN EV to revolutionize transportation and Home Power to liberate home owners from the utility monopolies.

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Nihal Weerasinghe Thursday, 29 December 2022 10:18 AM

Raj is a convicted criminal who is banned for life from trading other peoples money. He is just another thilini priyamali.

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Anton Thursday, 29 December 2022 06:10 AM

Is it a sign that RW’s government is trying bring Tamils in to rebuilding Srilanka after ethnically and religiously motivated, power hungry Rajapakshe clan ransacked and destroyed the country? If it is, I think it’s a good move. But, Sinhalese must give Tamils a federal set up as the starting point of solving ethnic crisis. One country - two nation set up will benefit both ethnicities. Let’s see.

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Bala Sunderam Friday, 30 December 2022 06:16 AM

One country- two nations. That dear Anton , was put to bed in May 2009 . Let Sri Lanka , a small land mass be way it is now. Divide and rule formula won't work. One country One nation. Hands together. Reject corruption and work hard towards a common goal of uniting the people for a prosperous Sri Lanka

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Gehan Thursday, 29 December 2022 06:47 AM

Here we go again. No doubt we will read all about it in the next few weeks, months and years!

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Seqi Thursday, 29 December 2022 07:04 AM

Happy to once again be in the company of like minded colleagues in government. A national treasure once again smiles upon mother lanka. However, it is well known that he was set up as the fall guy and the perpetrators are now seeking an audience to once again tickle his fancy.

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Punchi Thursday, 29 December 2022 07:18 AM

All Investors in the Galleon group got their money back with 20% returns. None of the American people responsible for the GFC were ever charged or convicted.

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Jayantha Thursday, 29 December 2022 08:33 AM

The guy who handled and sentenced Rajs got fired in 2017. That guy wanted build more reputation in order to gain better perks at pvt sector later on according to some of the usa based articles. Probably he can do ssomthing useful for Sri Lanka with his analysis knowledge.

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Jude Thursday, 29 December 2022 09:11 AM

Most Hedge Fund Managers have registered shell companies in countries known for tax heavens!! For the reasons of occasional money laundering as well as other illegal activities!!

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AIA Thursday, 29 December 2022 09:20 AM

Must be to have talks to be the next governor of the CB

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Worried Sri Lankan Thursday, 29 December 2022 10:37 AM

Deals have already been made. He is here to sign on the dotted lines. Is it in the Port City or CEB or one or more of the other Govt. undertakings lined up for Sale?

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D s de Silva Thursday, 29 December 2022 10:44 AM

Sri Lankan politicians greet convicted felons with open arms they have no clue how to deal with real honest people. They only know how to deal with crooks, thugs and felons because they themselves are crooks, rogues and thieves RIP Sri Lanka

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Radha Krishnan Thursday, 29 December 2022 12:04 PM

Preet Bharara targeted South Asians and convicted them, in my opinion, for his own political gains. Rajat Gupta, Raj Rajaratnam, etc. were small fry compared to many other high flying wall street folks who had the right skin color not to come under Preet Bharara's scanner. Let Raj come to his homeland and see what he can do to help. He has paid his dues.

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Fred Thursday, 29 December 2022 12:17 PM

The way SL works it probably needs a Hedge Fund Manager type approach to succeed. Orthodox ways of doing things never seem to work they are not even appreciated He has learnt his lesson. Can he now rise from being a Hedge Fund Manager which is making money for a few investors and himself to helping a nation raise itself .A big ask at this stage We are not privy to what discussions are taking place behind the scenes but let us see what he can bring to the table if given the chance.

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Vinayagam Thursday, 29 December 2022 12:31 PM

People of SL wants to enjoy the benefits of his investments but shun him as felon etc. etc. He was only jailed for insider trading, which is the norm in SL security trading, it is a crime only in developed nations like US. And even in the US the charges levied against Raj are questionable. If he is investing in SL dam good for the country. If we can accept criminals, murderers and rapist as our MPs, why not this man who has worked hard and earned (not stolen) his wealth

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Naman Thursday, 29 December 2022 01:16 PM

At least RR did not get the money from SL national coffers. Our Pseudo Patriots have stolen money not only from National Coffers but also from Tsunami Relief Fund/ commissions from Chinese SL developments / Bribes from Crooked businessmen. Thiruppathi gods are helping the crooked politicians. What can the SL citizens do?

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joshua Thursday, 29 December 2022 01:59 PM

Yeah there is enough crooks and a 10% in the parliament. Same kind of friends.

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Asela Udhaya Bandara Jayampathy Thursday, 29 December 2022 02:17 PM

Nihal, Raj did not scam other peoples money like Thilini Priyamali or ran a Ponzi scheme like Bernie Madoff. Man served time for insider trading and one of the longest sentences. Watch, Raj will spring back to stardom from Sri Lanka.

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anil Thursday, 29 December 2022 02:59 PM

Welcome Raj

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aman Thursday, 29 December 2022 03:00 PM

Few months back-Lyca Subhaskaran, now Raj- something is going on

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Aram Thursday, 29 December 2022 03:10 PM

Very late news. I have heard that already in jaffna from Colombo by a special flight to Jaffa. He came his country with his family for a holidy

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Sam Sen Thursday, 29 December 2022 04:57 PM

As far as I leant, RR was somewhat like a scapegoat in the insider trading accusations. There is and was a vast grey area in the laws related to Insider trading in the USA. I also learned that RR’s manager lied and manipulated in the inquiry that resulted in RR being convicted. In SL, insider trading is a normal thing though I am not justifying as correct. Besides, As I know, RR is a philanthropist and a true patriot of SL. RR should not help SL in the economic recovery as long as the racists are controlling the country. As I Learned, RR helped SL during Tsunami as well.

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George Will Friday, 30 December 2022 03:18 AM

Preet did not prosecute any Wall Street bankers, traders, or executives for their roles in exacerbating the 2008 financial crisis in fraudulent ways. There was plenty of evidence. Why did not he? Preet prosecuted raj for insider trading. Raj never stole or robbed anyone but unfortunately he was an easy target for ambitions Preet. Preet was fired from his job by President Trump. Karma

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Punchi Friday, 30 December 2022 04:24 AM

Yesterday we were revelling in our false superiority in having chased them away. Now we are starving we are inviting them to come and help us

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Latley Gunasekera Friday, 30 December 2022 02:48 PM

We all are aware of him. Now he has had paid his dues and freeman.If he still involves in new investments in SL , I am sure other foriegn investors will keep away. This guy Is very clever , the number one global consulter such as McKinsey was almost collapsed because of him. Since Sri Lanka has nothing to loose , it’s ok!!!

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Sam Sen Friday, 30 December 2022 07:57 PM

The poor people’s money looted by MR, GR, BR, NR, Weeravansa and co. Over the years was so much higher than the amount involved in Raj Rajaratnam’s case. Raj is NOT a low level person who would even think of looting poor people’s money.

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Lalith Perera Saturday, 31 December 2022 12:53 AM

Raj is bit unlucky. If he was Jew he will never convicted. If he were Indian India will back him. USA system is for them. He tried to penetrate USA financial hub without proper backing. Even I am a Sinhala Buddhist I wish you can rise again. He never cheat any money from investors.

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