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Rajakumara Rajaratnam, the billionaire founder of Galleon hedge fund accused in a wide-ranging insider trading case, wants his bond decreased to $25 million from $100 million, his lawyers said in a court document on Thursday.
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AP Raj Rajaratnam, who has been accused of insider trading, wants his bond decreased by $75 million. |
His lawyer also asked a magistrate judge in Manhattan federal court to modify his travel restrictions so he could travel all over the United States. Rajaratnam was arrested on Oct. 16 along with five others in what U.S. prosecutors described as the biggest hedge fund insider trading case ever.
- He was released on bond of $100 million on Oct. 16.
"Far from posing a risk of flight as the Government has suggested, Mr. Rajaratnam looks forward to his day in Court where he will be able to defend himself against these charges," lawyer John Dowd wrote to the judge.
A spokeswoman for the U.S. Attorney in Manhattan declined to comment.
The case is USA v Raj Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 09-mj-2306.
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