Ex-InfoSpace Chief Ordered to Pay $247 Million Penalty

In the largest award of its kind, a federal judge yesterday ordered former InfoSpace chief Naveen Jain to pay $247 million to the company he founded as penalty for illegal insider trading.

It was a stunning blow for a man who at one time ran one of the most successful dot-coms and was among the richest men in the world.

Jain, in a statement, said the ruling was “unjust and legally incorrect.” Jain and his wife, Anu, said they would appeal the ruling.

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