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Rajaratnam Out On Bail, Winds Down Hedge Funds In Letter to Clients

New York (HedgeCo.net) – In a letter first made public by Reuters today to Galleon employees and clients, Raj Rajaratnam, who has been released on bail, said “I have decided that it is now in the best interest of our investors and employees to conduct an orderly wind down of Galleon’s funds while we explore various alternatives for our business.”

His bail was set at $100 million.  He said,  regarding  the charges, that, “they are, without exception, entirely baseless. I am innocent and will vigorously defend myself and our firm.”

“The privilege of managing investors’ capital is a responsibility that I have always taken very seriously.  I want to reiterate that I am innocent of all charges and will defend myself against these accusations with the same intensity and focus I have brought to managing our investors’ capital.” Rajartnam concluded.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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