This weekend will be the Galleon founder's last one on the outside for a while.
Raj Rajaratnam, the Galleon Group hedge fund founder, on Thursday lost his bid to stay out of prison while he appeals his May conviction in the bigger insider trading case in a generation. The 2nd U.S. Circuit Court of Appeals on New York issued a brief order rejecting Rajaratnam's bid to stay out of prison, one day after hearing oral argument from his lawyers. Rajaratnam is scheduled to report to prison on December 5 to serve an 11-year term. He has been under house arrest at his Manhattan apartment.
Rajaratnam loses bid to avoid prison during appeal [Reuters]
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