The U.S. Securities and Exchange Commission announced Tuesday that it has obtained a record financial penalty of US$92.8 million against billionaire hedge fund manager, Raj Rajaratnam, for illegal insider trading.

The final judgment entered by Judge Jed Rakoff of the U.S. District Court for the Southern District of New York finds Galleon Group LLC co-founder Rajaratnam liable for a civil monetary penalty of US$92,805,705, which marks the largest penalty ever assessed against an individual in an SEC insider trading case.

In a parallel criminal case, earlier this year, Rajaratnam was convicted of five counts of conspiracy to commit securities fraud and nine counts of securities fraud. He was sentenced to 11 years in prison, and ordered to pay more than US$53.8 million in forfeiture of illicit gains and US$10 million in criminal fines. The total amount of monetary sanctions imposed on Rajaratnam in the civil and criminal cases is more than US$156.6 million.

In addition to imposing a record penalty, the final judgment in the SEC’s civil action permanently enjoins Rajaratnam from future violations, and finds him liable for an unspecified amount of disgorgement and prejudgment interest, which are deemed satisfied by the forfeiture ordered against Rajaratnam in the criminal case.

Rajaratnam also faces new insider trading charges, resulting from a case brought on Oct. 26 by the SEC against former McKinsey & Co. worldwide head, Rajat Gupta, alleging that he illegally tipped Rajaratnam while serving on the boards of Goldman Sachs and Procter & Gamble. Those allegations have not been proven.

The SEC’s enforcement action against Rajaratnam and Galleon was part of a larger insider trading probe that has resulted in civil charges against a total of 29 individuals and entities including hedge fund advisers, Wall Street professionals, and corporate insiders, the SEC said.

“The penalty imposed today reflects the historic proportions of Raj Rajaratnam’s illegal conduct and its impact on the integrity of our markets,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.