Rajaratnam may appeal SEC fines

The insider trading penalty was a record $92.8 million

Galleon Group founder and notorious inside trader Raj Rajaratnam may be appealing the record $92.8 million fine that the Securities and Exchange Commission (SEC) slapped him with in a civil case last month. This, of course, was in addition to the $63.8 million in forfeitures and fines from his criminal case, not to mention the 11-year prison sentence.

Rajaratnam filed a notice of appeal in the SEC case on Wednesday, which leaves the door open for him should he decide to appeal the judgment, the Wall Street Journal reports.

He is already hard at work appealing his conviction on 14 counts of securities fraud and conspiracy in the criminal case, and is expected to claim that the secret wiretaps used as evidence in the trial were improperly obtained and shouldn’t have been used.

Rajaratnam is currently in prison as of Monday, after his request to remain on bail pending appeal was denied by the 2nd Circuit.

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