Raj Rajaratnam, the face of the biggest trading scandal in a generation, was sentenced Thursday to 11 years in prison, one of the longest ever sentences handed down for an insider case.
Prosecutors had sought a sentence of 19 years and seven months to 24 years and five months behind bars for the former hedge fund titan. Rajaratnam’s lawyers — citing health problems, among other factors — had been urging the judge to consider a much more lenient sentencing range of six-and-a-half years to eight years and one month.
“His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated,” US District Judge Richard Holwell said in imposing sentence. The judge also ordered Rajaratnam to pay a $10 million fine.
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same prison where Maddoff is held.
this is crazy, insider trading was made illegal to prevent CEOs from selling stock and going short and then committing accounting fraud and making money off their own demise, not using every bit of data they can which includes some inside rumors. Hedge funds this big can’t go “all in” without the price leaping way up and not getting a good fill anyways, and it shows up in the volume. Plus, even if earnings are good, they can’t anticipate the street’s reaction. The “virus” is the witch hunt after anyone who makes money and using people that make money as a scapegoat for the government’s failures and the failures of those well connected with the government.
LOL, he can say hi to Madeoff and his 150 year death*5 sentance
http://www.martinarmstrong.org/files/End%20of%20Times%20for%20Hedge%20Funds%2005-15-2011.pdf
I heard the judge handed him a gallon of vaseline after the sentencing.