The View From the Centre Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : The View From the Centre

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tom Clarke who wrote (1060)	10/13/2011 12:07:35 PM
From: Neeka	of 1134

Rajaratnam Sentenced to 11 Years Behind Bars By Dunstan Prial Published October 13, 2011 Galleon Group hedge fund co-founder Raj Rajaratnam was sentenced to 11 years in prison and fined $10 million Thursday for his leading role in one of the biggest insider trading case in decades. The sentence was much shorter than the 20 years prosecutors had sought, a punishment many thought excessive for a non-violent crime. Rajaratnam is appealing his conviction and is likely to appeal the sentencing. Rajaratnam, 54, was convicted in May on 14 felony counts related to insider trading at the Manhattan hedge fund he co-founded. Key evidence in the case was acquired using wiretaps. It was the first time wiretaps were employed by prosecutors in an insider trading investigation. The technique has in the past generally been reserved for major drug dealers and organized crime figures. Prosecutors alleged that Rajaratnam raked in as much as $70 million in illegal profits between 2003 and March 2009 using a network of industry experts and company executives who funneled him inside information. In some of the 50 tapes played for the jury during Rajaratnam's seven-week trial in federal court in Manhattan the hedge fund manager seemingly encouraged his employees to perform illegal acts in an effort to boost Galleon's profits. Defense attorneys have argued the wiretaps were obtained illegally. Rajaratnam's case was part of the largest crackdown on hedge fund insider trading in U.S. history. More than two dozen others have also been charged in the scheme with most of them pleading guilty. Read more: foxbusiness.com " foxbusiness.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next