No threat to flee charges

NY billionnaire no threat to flee charges

By LARRY NEUMEISTER Associated Press Writer

NEW YORK (AP) - A lawyer says a billionaire hedge fund manager charged in a $25 million insider trading case plans to clear his name and is not a flight risk.

Attorney John Dowd told a magistrate judge in a letter Thursday that 52-year-old Raj Rajaratnam (rah-juh-RUHT'-nuhm) is confident that he will be exonerated when all the relevant facts come to light.

Rajaratnam was charged with conspiracy earlier this month in federal court in Manhattan. Authorities say he and five others made more than $25 million by trading securities based on secret information.

Dowd submitted the letter to support a request to reduce his client's bail from $100 million to $25 million.

Rajaratnam is out on bail after posting $2.5 million in cash and personal property valued at $17.5 million.

2009-10-29     18:34:45 GMT