12 May '11, 12pm

Convicted hedge fund boss wins support in Sri Lanka #SriLanka #LK #Galleon #Raj #Rajaratnam

Convicted hedge fund boss wins support in Sri Lanka #SriLanka #LK #Galleon #Raj #Rajaratnam

Billionaire co-founder of Galleon Group Raj Rajaratnam enters Manhattan federal court, Monday, April 25, 2011, in New York. -- PHOTO: AP COLOMBO (Sri Lanka) - THE conviction of disgraced hedge fund magnate Raj Rajaratnam was greeted with dismay on Thursday by people who had benefited from his charitable largesse in his native Sri Lanka. Rajaratnam, who founded the Galleon Group hedge fund, was found guilty on Wednesday by a US court on all counts of fraud and conspiracy in Wall Street's biggest insider trading trial for years. But for many in Sri Lanka, he is best remembered for using his wealth to build thousands of homes for victims of the 2004 Asian tsunami. 'I'm devastated and disappointed that Mr. Rajaratnam now faces spending the rest of his life in jail,' said retired post master Upasiri Sumanaratne, a resident of the Galleon Housing Scheme in Rathgama, just south o...

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

Tweets

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channelnewsasia.com 17 May '11, 6am

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