AI
Thursday, October 13, 2011 12:35:54 PM
Some more time for a lot of others is probably what is needed instead of all the hand slapping.
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Galleon manager Rajaratnam sentenced
By Aaron Smith and Hussein Saddique @CNNMoney October 13, 2011: 12:04 PM ET
NEW YORK (CNNMoney) -- Raj Rajaratnam, former manager of the defunct hedge fund Galleon Group, was sentenced on Thursday to 11 years in federal prison and fined $10 million for insider trading.
Rajaratnam was found guilty on May 11 of all 14 counts of conspiracy and fraud, after netting $64 million on a long-running insider trading scam. He was sentenced at federal district court in Manhattan.
Galleon founder Raj Rajaratnam, shown hear on the day of his May 11 conviction for insider trading, was sentenced to 11 years on Thursday
Rajaratnam will have to surrender to authorities on Nov. 28 to begin serving his sentence. In addition to his $10 million fine, he will have to hand over $53 million as forfeited assets and pay a $1,400 court assessment fee.
The Sri Lankan-born billionaire's sentence actually fell short of the maximum -- 235 to 293 months -- requested by prosecutors.
Rajaratnam's defense lawyer bashed the sentence as overly lengthy and "greater than for murder." He said that, unlike Ponzi schemer Bernard Madoff, Rajaratnam didn't victimize anyone and that the ill-gotten gains went to Galleon, not to him personally.
The prosecutor argued that Rajaratnam's actions did indeed hurt people, because insider trading saps confidence in the financial markets, undermining the economy.
Rajaratnam managed $7 billion at Galleon before the hedge fund shut down following his indictment in 2009.
The white-collar convict's case featured recordings of phone conversations in which Rajaratnam and his sources blatantly discussed ways to profit from non-public information.
8 dumb insider trading schemes
In June, a federal jury convicted three others in the insider trading case that centered on Galleon, including former trader Zvi Goffer and co-defendants Emanuel Goffer and Michael Kimelman.
It has not been decided where Rajaratnam will serve his time. The federal Bureau of Prisons, not the judge, picks the prison after sentencing.
Rajaratnam was sentenced in the same court where Ponzi mastermind Madoff pleaded guilty to 11 counts and received a 150-year sentence. He is currently incarcerated at Federal Correctional Complex Butner in North Carolina. His release date is Nov. 14, 2139.
First Published: October 13, 2011: 11:35 AM ET
http://money.cnn.com/2011/10/13/news/companies/insider_trading_raj_rajaratnam/
-------------------------------------
Galleon manager Rajaratnam sentenced
By Aaron Smith and Hussein Saddique @CNNMoney October 13, 2011: 12:04 PM ET
NEW YORK (CNNMoney) -- Raj Rajaratnam, former manager of the defunct hedge fund Galleon Group, was sentenced on Thursday to 11 years in federal prison and fined $10 million for insider trading.
Rajaratnam was found guilty on May 11 of all 14 counts of conspiracy and fraud, after netting $64 million on a long-running insider trading scam. He was sentenced at federal district court in Manhattan.
Galleon founder Raj Rajaratnam, shown hear on the day of his May 11 conviction for insider trading, was sentenced to 11 years on Thursday
Rajaratnam will have to surrender to authorities on Nov. 28 to begin serving his sentence. In addition to his $10 million fine, he will have to hand over $53 million as forfeited assets and pay a $1,400 court assessment fee.
The Sri Lankan-born billionaire's sentence actually fell short of the maximum -- 235 to 293 months -- requested by prosecutors.
Rajaratnam's defense lawyer bashed the sentence as overly lengthy and "greater than for murder." He said that, unlike Ponzi schemer Bernard Madoff, Rajaratnam didn't victimize anyone and that the ill-gotten gains went to Galleon, not to him personally.
The prosecutor argued that Rajaratnam's actions did indeed hurt people, because insider trading saps confidence in the financial markets, undermining the economy.
Rajaratnam managed $7 billion at Galleon before the hedge fund shut down following his indictment in 2009.
The white-collar convict's case featured recordings of phone conversations in which Rajaratnam and his sources blatantly discussed ways to profit from non-public information.
8 dumb insider trading schemes
In June, a federal jury convicted three others in the insider trading case that centered on Galleon, including former trader Zvi Goffer and co-defendants Emanuel Goffer and Michael Kimelman.
It has not been decided where Rajaratnam will serve his time. The federal Bureau of Prisons, not the judge, picks the prison after sentencing.
Rajaratnam was sentenced in the same court where Ponzi mastermind Madoff pleaded guilty to 11 counts and received a 150-year sentence. He is currently incarcerated at Federal Correctional Complex Butner in North Carolina. His release date is Nov. 14, 2139.
First Published: October 13, 2011: 11:35 AM ET
http://money.cnn.com/2011/10/13/news/companies/insider_trading_raj_rajaratnam/
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