Billionaire hedge fund operator Raj Rajartnam’s defense lawyers are working to reduce his $100 million bail for insider trading charges to $20 million. The hearing, on Tuesday will see the Galleon Group Founders lawyers battling against prosecutors who believe the defendant should continue to be detained as they suspect he might flee. They say he has the money and incentive to leave the U.S.
Rajartnam has yet to make a move to leave the country since being released on bail in October.
The prosecution team has been working steadily to build an iron case against the alleged ringleader of the largest insider trading case in history. 20 people have already been charged with involvement in the case and several have plead guilty and given confessions of their dealings with Rajartnam in exchange for more gentle retribution.
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