Hedge fund tycoon gets 11 years prison, $10M fine
A file photo of the co-founder of Galleon Group, Raj Rajaratnam, entering federal court in Manhattan. (April 25, 2011) Credit: AP
A hedge fund founder who was the primary target in a massive insider trading probe has been sentenced to 11 years in prison.
Galleon Group founder Raj Rajaratnam was sentenced Thursday in federal court in Manhattan. He also was fined $10 million.
Judge Richard Holwell announced the sentence after concluding that Rajaratnam made well over $50 million in profits from his illegal trades.
The prosecution had placed Rajaratnam's profits from illegal trades between $70 million and $75 million.
The sentencing culminates a series of convictions and sentencings in what prosecutors called the largest hedge fund insider trading case in U.S. history.
Lawyers for Rajaratnam, a Sri Lanka native, had asked for leniency, citing his failing health. They said a lengthy prison term would amount to a death sentence.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
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