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NEW YORK (AP) - A billionaire hedge fund manager charged in a $25 million insider trading case must remain held under $100 million bail because he is one of the richest men in the world and could easily flee, prosecutors told a judge in a letter Wednesday.
The government urged the magistrate judge not to lower 52-year-old Raj Rajaratnam's bail after his lawyer argued in a submission last week that it should be reduced to $25 million.
Prosecutors said Rajaratnam has the means to live anywhere in the world and knows he would likely face more than 10 years in prison if he is convicted.
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