New York, Oct 13: A former billionaire described by the government as “the modern face of illegal insider trading” was sentenced today to 11 years in prison, the longest insider trading sentence ever but far short of the two decades sought by prosecutors.
Galleon Group founder Raj Rajaratnam also was fined USD 10 million by U.S. District Judge Richard J. Holwell, who said he concluded that Rajaratnam made well over USD 50 million in profits from his illegal trades.
“His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated,” Holwell said.
From: http://ping.fm/rMVzK
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