The Securities and Exchange Commission (SEC) on Tuesday obtained a record financial penalty of more than $92.8 million against billionaire hedge fund manager Raj Rajaratnam for widespread insider trading.

The final judgment entered yesterday by U.S. District Judge Jed Rakoff for the Southern District of New York found Rajaratnam liable for a civil monetary penalty of $92,805,705, which marks the largest penalty ever assessed against an individual in an SEC insider trading case, the agency said in a press release.

The SEC brought civil charges against Rajaratnam on Oct. 16, 2009, alleging that he and several others including his New York-based hedge fund advisory firm Galleon Management LP engaged in a massive insider trading scheme. The SEC subsequently amended its complaint in November 2009 and January 2010, adding several more defendants and alleging additional insider trading schemes that cumulatively generated more than $52 million in illicit gains.

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 alleged insider trading in the securities of more than 15 publicly traded companies for more than $90 million in illicit profits or losses avoided.

Rajaratnam was sentenced to a term of imprisonment of 11 years, and was ordered to pay more than $53.8 million in forfeiture of illicit gains and $10 million in criminal fines. The total amount of monetary sanctions imposed on Rajaratnam in the civil and criminal cases is more than $156.6 million.