White collar convict likely to control personal finances while in prison

Two weeks ago a federal jury in Manhattan convicted Raj Rajaratnam, the founder of Galleon Group, ofwhite collar crime. The hedge fund founder faces sentencing for 14 counts of securities fraud and conspiracy and faces millions of dollars in fines as well. Rajaratnam in 2009 was worth $1.3 billion and is expected to remain a wealthy individual after the payment of legal defense fees and criminal penalties.

Though Rajaratnam’s current worth is not known, his current wealth was demonstrated by his ability to fund a multi-million dollar defense case. An example of the cost of Rajaratnam’s legal defense was a defense witness who was paid $200,000 to analyze Rajaratnam’s trades. The 53-year-old hedge fund founder faces a potential criminal penalty of $172. 6 million for illegal gains on stocks like Goldman Sachs and Google. He also faces a $5 million criminal fine for each of the nine security fraud counts. In addition, he could face civil fines that stem from a Securities and Exchange Commission case that has not been concluded.

Rajaratnam has a family of three children and if any funds are leftover after legal fees and penalties are assessed, the amount could go to his family. Though Rajaratnam would not be able to run a business while in prison, it is expected that he would be able to handle his personal finances from prison after the payment of criminal penalties. The hedge fund founder could face a 15-1/2 to 19-1/2 year prison sentence and would have to serve 85 percent of the sentence since parole is not allowed in the federal prison system.

Source: Reuters, “Rajaratnam may stay rich even if he goes to prison,” Jonathan Stempel, 5/12/11

Max Keller has won countless jury trial cases involving misdemeanors and felonies, sex crimes, and DWI’s. He is a member of the Minnesota Society for Criminal Justice, which only allows the top 50 criminal defense attorneys in the state as members. Max is a frequent speaker at CLE’s and is often asked for advice by other defense attorneys across Minnesota.

Years of Experience: Approx. 20 years
Minnesota Registration Status: Active
Bar & Court Admissions: State of Minnesota Minnesota State Court Minnesota Federal Court 8th Circuit Federal Court of Appeals State of Maryland

What to Do If You Have Been Charged with a Criminal Offense

When charged with a crime in Minneapolis, Minnesota, one of the first questions you may have is: "Should I use a public defender or hire a private attorney?" Ultimately, the choice between a public defender and a private attorney depends on factors like your financial situation, criminal charges, and personal preferences.
Driving under the influence (DUI) of cocaine in Minnesota is a serious criminal offense. The penalties you may be facing if you're convicted on driving under the influence of cocaine will depend on your past DWI offenses, whether there are aggravating factors, and whether there were any injuries or fatalities caused. Several prior offenses and serious injuries or fatalities result in harsher penalties, such as hefty fines, license suspension or revocation, or jail time.
Was your teen arrested for driving under the influence after getting into a fatality accident in Minneapolis? Learning more about fatal DUI crash charges for juvenile offenders and the penalties that may apply can help you make informed decisions about how to proceed.