The $92.8 million civil penalty levied against former Galleon Management hedge fund manager Raj Rajaratnam was upheld by the U.S. Court of Appeals for the Second Circuit, despite claims the district court abused its discretion by imposing the hefty penalty.

Circuit Judges Reena Raggi, Gerard Lynch and Christopher Droney upheld the civil penalty imposed by U.S. District Judge Jed Rakoff of the Southern District of New York against Rajaratnam and sought by the U.S. Securities and Exchange Commission under Section 21A of the Securities Exchange Act.

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