Ex-Hedge Fund Boss Sentenced To 11 Years In Prison

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Source: NPR

A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced Thursday to 11 years in prison, the longest insider trading sentence ever but far short of the two decades sought by prosecutors.

Galleon Group founder Raj Rajaratnam also was fined $10 million by U.S. District Judge Richard J. Holwell, who said he concluded that Rajaratnam made well over $50 million in profits from his illegal trades.

"His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated," Holwell said.

The sentencing culminates a series of convictions and sentencings that followed the October 2009 announcement of Rajaratnam's arrest. More than two dozen people were arrested; all were convicted. The other defendants got sentences ranging from a few months to 10 years.

Read more: http://www.npr.org/2011/10/13/141311454/u-s-seeks-record-sentence-for-ex-hedge-fund-boss