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Friday, January 14, 2011

Rajaratnam Gets Hit With Highest Bail In US History

Galleon Group founder Raj Rajaratnam was been released on $100 million bail on criminal charges in an alleged $20 million insider-trading scheme. It is the highest bail ever set in the United States.

U.S. Magistrate Judge Douglas Eaton approved bail, which is secured by $20 million in cash and property. Several friends and colleagues reportedly offered to assist in obtaining the cash backing the bail bond. Rajaratnam was released Friday and ordered to limit his travel to a 110 mile radius of New York City. He has surrendered his passports to the court.

Rajaratnam has been charged with four counts of conspiracy and seven counts of securities fraud. Conviction on even one of the counts of securities fraud could result in a maximum penalty of up to 20 years in prison and a fine of up to $5 million, or twice the gross gain or loss of an illegal trade. The SEC has also filed civil charges against Rajaratnam.

Original article: Business Insider

100 Million Dollar Bond Set For Accused Memphis Carjacker

Criminal Court Judge Lee Coffee set the bond for  Christopher Williams at $100 million in court Tuesday, December 14, 2010. Williams is accused of attempted second-degree murder, carjacking, and three other felonies. Christopher Williams has a long history with the law, his juvenile record is extensive. Williams was arrested last year for robbing three telephone workers at gunpoint at the Ridgecrest apartment complex. his bond was then set for $35,000, however, he did not show for court. The bond was revoked and an arrest warrant was issued for Williams. While on the run from police, Williams was charged with carjacking a man, robbing him of $250, and then shooting the man in the stomach.

Judge Coffee said that in considering Williams' bond amount he took into account community safety, Williams' previous bond jumping, his criminal record, his unemployed status, and the long sentence he faces if convicted of all five felony charge. Those charges also include agravated robbery and using a firearm in the commission of a dangerous felony. Judge Coffee stated in court, of the $100 million bond judgement, “I want to make sure that if you’re family wins the lottery you still don’t get out. And if you do, I’ll revoke it.”

Original article: Examiner.com

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