A JUDGE REFUSED TO REDUCE THE $ 100 MILLION BAIL OF RAJ RAJARATNAM
Posted on November 5th, 2009

By Walter Jayawardhana

Jude Theodore Katz of a District Court Manhattan New York refused to reduce the bail of US$ 100 million for alleged supporter of the Liberation Tigers of Tamil Eelam when his insider trading scam came up before him on Thursday.

“I see no reason to modify the bail since only $2.5 million had been paid in cash,” said Judge Katz.

But the judge eased his travel restrictions to travel within the United States of America.

The balance of the 100 million minuse 2.5 million has been paid by securities and properties. Rajaratnam lawyers argued that the bail should be modified to US $ 25 million.

Rajaratnam’s lead Attorney, John Dowd told the court that Raj Rajaratnam is a kindly character who had preserved the Galleon papers and had not frozen his assests after the arrest on October 16. But judge katz simply did not buy the arguments.

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