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.
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