Raj Rajaratnam, the Galleon Group hedge-fund founder accused of running an inside-trading ring, is in no danger of fleeing to his native Sri Lanka to avoid jail, his lawyer wrote in a letter to the court today. Why? He has too many nice things here.
"Mr. Rajaratnam owns real estate worth nearly $30 million, including an apartment worth $17.5 million, a home in Connecticut valued at $10.5 million, and a condominium in Florida valued at $1.4 million. The idea that Mr. Rajaratnam would simply abandon those properties ... is neither realistic nor credible."
Yes, it's not like he's going to leave behind all that for a country where he has plenty of friends, the weather is beautiful, and the dollar is relatively strong. Not just because the FBI might have some recordings of him engaging in blatantly illegal behavior and he might otherwise end up in a prison cell in Butner, North Carolina. That would just be crazy.
Galleon Founder Asks Court to Reduce Bail [DealBook/NYT]