Former hedge fund heavyweight Raj Rajaratnam will do a dime and change in federal prison for his insider trading conviction.

Hedge fund owner Raj Rajaratnam was convicted this morning on 14 counts of insider trading, on account of the hours and hours of secretly recorded phone conversations federal prosecutors had of him saying stuff like, "Hey, let's do some insider trading!"

It's been a crappy week for Raj Rajaratnam, the hedge funder accused of masterminding an insider trading ring. But at least he isn't facing justice in his native Sri Lanka! [The Lede]

Raj Rajaratnam, the hedge fund billionaire who stands accused of masterminding a massive insider trading ring, was incredibly competitive and a ruthless boss. Of course you sort of have to be if you're planning to claw your way up to the top of the hedge fund pyramid. But it turns out he was a pretty wacky boss, too, as today's Wall Street Journal illustrates.

Ever since Raj Rajaratnam was arrested in October for allegedly operating a vast insider trading ring, lawyers for the hedge fund founder have been busy pointing out flaws in the government's case. Now they'll get to see how it plays with a jury. A federal grand jury formally charged Rajaratnam with five counts of conspiracy and six counts of securities fraud this afternoon. [BN]

Hedge fund mogul Raj Rajaratnam managed to post $100 million in bail, but his lawyer asked a judge today to reduce it to $25 million as well as given Rajaratnam permission to "travel freely in the contiguous 48 states." How else is he going to enjoy his country house in Connecticut and condo in Florida while he's still a free man? [NYT, WSJ]

Galleon Group, the hedge fund founded by Raj Rajaratnam, the man at the center of the insider trading scandal that has rocked Wall Street in recent days, is shutting its doors. (Apparently, investors get a bit nervous when they see the CEO of the hedge fund they've invested in get hauled away in handcuffs and quickly ask for their money back.) Galleon is now reportedly looking to sell off the firm's assets, so if you're looking to pick up a hedge fund on the cheap, you probably should email to Raj as soon as possible. Oh, and yes, we tested out Raj's email address a few minutes ago and it still appears to be operational. So you're all set on that front. Do be sure to let us know how your negotiations go, though. [NYT]

The biggest insider trading scandal to hit Wall Street in years may be about to get even bigger. Bloomberg reports that as many as 10 more people could be charged in connection with the case as early as next week.

Billionaire businessman Raj Rajaratnam is out on bail, so he stopped by Galleon Group, the hedge fund he founded in 1997, to give a pep talk to the staff. Things aren't going so well over there!

Billionaire hedge funder Raj Rajaratnam was arrested on Friday morning on charges he participated in one of the biggest insider trading schemes in recent memory, one that netted him at least $25 million (but possibly millions more since the investigation continues.) Fortunately for Rajaratnam, the high-profile bust didn't end up depriving him of a weekend of freedom. By the end of the day, he'd been released on $100 million bail—the highest in history—and had to give up his passport and agree not to travel more than 110 miles from New York City. And today? He was back in the office for what must have been the awkwardest Monday morning meeting ever, telling employees that he's innocent and plans to fight the charges against him.