(NEW YORK) — A former billionaire who was the primary target of what prosecutors called the biggest hedge fund insider trading case in U.S. history was sentenced Thursday to 11 years in prison.
Galleon Group founder Raj Rajaratnam also was fined $10 million. U.S. District Judge Richard J. Holwell announced the sentence after concluding that Rajaratnam made well over $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.
4 comments:
If he is not put in general popluation, it will make no difference.
What about those in Congress like Nancy Pelosi??????????????
the fine is only 20% of his profit, that's cheaper than paying income taxes. I would guess he will be in a country club prison.
How about making him repay the $50 million he stole. That would be to much like right I guess. Or maybe the politician didn't want want to give up that much campaign money.
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