New Yorker Raj Rajaratnam, the man who was convicted of massive insider trading scheme, will begin his 11 year prison sentence on Monday.
Rajaratnam, 54, was sentenced in October after a jury found him guilty of 14 counts of securities fraud and other charges. Rajaratnam will turn his luxury cars and expensive suits and report to federal prison in Ayer, Massachusetts, where he will be fingerprinted, photographed, and issued his prison ID number, reported Bloomberg.
You're a white-collar guy who's running a company or a stock broker wearing a suit and tie, said consultant and retired correctional treatment specialist from the U.S. Bureau of Prisons Jack Donson to Bloomberg. The hardest thing to get used to is being told what to do by a $30,000-a-year corrections officer.
Rajaratnam will serve his time in the Federal Medical Center Devens. He has many lingering health problems, including kidney issues and diabetes that will have to be addressed while he is serving his time.
After his conviction, his lawyers hoped to keep him free on $100 million bail. However, the judge declined that motion, deciding to send him away for 11 years.
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