The Big Bad Wolf.
- Oct 4, 2010
- Reaction score
- New York City
No truer words have been spoken!The fallen hedge fund billionaire Raj Rajaratnam received the longest prison sentence ever for insider trading on Thursday, capping an aggressive government campaign that has ensnared dozens and may help deter the illegal use of confidential information on Wall Street.
Judge Richard J. Holwell of Federal District Court in Manhattan sentenced Mr. Rajaratnam, 54, the former head of the Galleon Group hedge fund, to 11 years in prison. A jury convicted Mr. Rajaratnam of securities fraud and conspiracy in May after a two-month trial.
Insider trading is an assault on the free markets, said Judge Holwell, who also imposed a $10 million fine and ordered Mr. Rajaratnam to forfeit $53.8 million in ill-gotten profits. His crimes reflect a virus in our business culture that needs to be eradicated.
Galleon Chief Sentenced to 11-Year Term in Insider Case - NYTimes.com