Hedge Fund Founder Raj Rajaratnam Sentenced to 11 Years in Insider Trading Case
The fallen hedge fund billionaire Raj Rajaratnam received on Thursday the
longest-ever prison sentence for insider trading, a watershed moment in the
government’s aggressive two-year campaign to root out the illegal exchange of
confidential information on Wall Street.
Judge Richard J. Holwell sentenced Mr. Rajaratnam, the former head of the
Galleon Group hedge fund, to 11 years in prison. A jury convicted him of
securities fraud and conspiracy in May after a two-month trial.
Calling him “the modern face of illegal insider trading,” prosecutors accused
Mr. Rajaratnam of using a corrupt network of well-placed tipsters – including
former executives of Intel, I.B.M. and the consulting firm McKinsey & Company –
to illicitly gain about $64 million.
Read More:
http://dealbook.nytimes.com/2011/10/13/rajaratnam-is-sentenced-to-11-years/?emc=na
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