Category: Legal

NEW YORK, October 13, 2011 (AFP) – Disgraced star Wall Street hedge fund manager Raj Rajaratnam was sentenced Thursday to 11 years behind bars in the heaviest US sentence for insider trading, although far below what prosecutors had sought. New York federal Judge Richard Holwell also ordered the Sri Lankan-born founder of the Galleon Group […]

NEW YORK, October 9, 2011 (AFP) – Raj Rajaratnam, convicted in the biggest US insider trading case for years, faces a sentence of up to 24 years prison next week at the close of a case seen as making an example of the hedge fund tycoon. The sentencing hearing on October 13 before federal Judge […]

Oct 02, 2011 (LBO) – Five police officers have been arrested in Sri Lanka after thousands of angry citizens surrounded a police station seeking justice, where a suspect had died in custody, a media report said. Sri Lanka’s The Sunday Times newspaper said an estimated 3,000 civilians had surrounded a police station in Dompe in […]

THE HAGUE (AFP) – Dutch prosecutors Tuesday asked for jail sentences between 10 to 16 years against five suspected Tamil Tigers for aiding the Sri Lankan rebel movement from the Netherlands, including collecting funds. Prosecutors said by extension, the men were responsible for the LTTE’s actions like the recruitment of child soldiers and murder. Arrested […]

Sept 28, 2011 (LBO) – Sri Lanka’s Securities and Exchange Commission said five employees of SMB Leasing, will be charged for insider dealing on the firm’s stock. The SEC said the employees had bought shares ahead of a rights and warrant issue by the company. Information on the rights issue had been made public on […]

JOINT BASE LEWIS-MCCHORD, September 23, 2011 (AFP) – A third member of an alleged rogue US army unit in Afghanistan pleaded guilty Thursday in a plea deal over shock killings of local civilians that embarrassed the US army. Private First Class Andrew Holmes was accused of being a member of a five-person “kill team” implicated […]

Sept 23, 2011 (LBO) – Sri Lanka’s parliament has passed changes to laws against money laundering and terrorist financing, broadening their scope and enabling police to freeze funds. The amendments make the island’s anti-money laundering and Countering Financing of Terrorism (AML/CFT) laws “fully compliant with the international standards,” a statement from the central bank’s financial […]

NEW YORK, September 21, 2011 (AFP) – Sentencing of Raj Rajaratnam, the hedge fund magnate convicted in the biggest Wall Street insider trading case in years, has been postponed until October. A court order Wednesday by New York federal Judge Richard Holwell moved sentencing day from September 27 to October 13. No reason was given. […]

Sept 19, 2011 (LBO) – A Sri Lankan student seeking to study in the United Kingdom was arrested for fraud because she submitted a false education certificate with her visa application, the British high commission said. “They have also have been banned from travelling to the UK for ten years.” “The UK Border Agency referred […]

Sep 14, 2011 (LBO) – Sri Lanka should increase fines for securities fraud because trading volumes and potential for profit is much higher than when the fines were originally set, a lawmaker has said. Harsha de Silva, a member of Sri Lanka’s opposition United National Party, said a 10 million rupee fine charged on Environmental […]

Sept 14, 2011 (LBO) – Sri Lanka’s Securities and Exchange Commission said it will take a stock advisor to court and had warned seven others including two investors over suspected price manipulation. An investment would be charged over s suspected trades in shares of MTD Walkers during January 2010 following decision taken on August 19. […]

UNITED NATIONS, September 13, 2011 (AFP) – UN leader Ban Ki-moon on Monday sent a report accusing Sri Lankan troops of killing tens of thousands of civilians to the UN Human Rights Council, bringing a potential international inquiry one step closer. Ban has said that he alone cannot order an inquiry into the killings during […]