Insider trader Raj Rajaratnam looks to be really going inside this time. Inside Federal prison that is. Raj was convicted on all 14 counts of securities fraud and conspiracy. This after failing to step up and accept a guilty plea that would have surely lessened the prison sentence that now is looming. Raj even spent over $40 million on his defense.
That is he spent $40 million while costing taxpayers several more millions for the investigation and trial. SO, at the end of the day what’s Raj to do and what does his family face? For me I look at how Raj can prepare for prison and that means helping his family prepare. But, how can you prepare somebody so grandiose and egocentric? Speaking from experience it can be done. Soon Raj will be living for probably at least 10 years in a large dormitory on the top bunk with guys from all walks of life. He will have to learn humility just to get along with these guys and the staff!
His family is another story. They now have the task of preparing to live without their husband and the father to three daughters. Sad that his greed has led him to this point and even sadder that he seems to not want to accept any responsibility. Maybe at sentencing we will see a sob story while he asks the Judge for mercy. Here is a prime example of Wall Street gone wild. Raj made plenty of money the legit way, he just pushed too far because he could. Or, at least he thought he could.
So, what’s next? I say once again more Wall Street fallout. Wall Street, be afraid, be very afraid but get ready. This insider knows there will be more soon. Change is possible but it takes hard work. Raj, if you are willing to do the work call me. I will set you straight and you will come home better and more focused than you are now while helping others for a change. Start NOW!