Galleon Group founder jailed for 11 years forinsider trading
Friday 14 October 2011
Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street trading scandal in a generation, has been ordered to serve 11 years in prison, one of the longest sentences handed out in an insider-trading case.
The Galleon Group fund founder, 54, made no statement on his behalf before the sentence was pronounced by US District Judge Richard Holwell at a court hearing in Manhattan. The judge also said he would impose a $10m (£6m) fine. Federal inmates must typically serve at least 85 per cent of their terms before being eligible for release.
Rajaratnam was convicted of 14 securities fraud and conspiracy charges in May. Prosecutors had made Rajaratnam the central figure of a sprawling criminal case, arguing that he and others crossed the line by pumping corporate insiders for corporate earnings or details of mergers that had not yet been announced. The investigation, marked by the use of tactics usually reserved for Mafia and drug trafficking investigations such as FBI phone taps, sent shock waves through Wall Street and the hedge fund industry, where traders seek to get an edge at all costs.
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