NYTimes.com News Alert
Thu, Oct 13, 2011 at 11:45 AM
Hedge Fund Founder Raj Rajaratnam Sentenced to 11 Years in Insider Trading Case
Breaking News Alert
The New York Times
Thursday, October 13, 2011 -- 11:25 AM EDT
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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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New York, NY 10018
Copyright 2011 The New York Times Company
Thu, Oct 13, 2011 at 11:45 AM
Hedge Fund Founder Raj Rajaratnam Sentenced to 11 Years in Insider Trading Case
Breaking News Alert
The New York Times
Thursday, October 13, 2011 -- 11:25 AM EDT
-----
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
NYTimes.com
620 Eighth Ave.
New York, NY 10018
Copyright 2011 The New York Times Company
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