October 13, 2011
Biggest insider trading sentence ever
From the New York Times, which also discusses more generally the increase in white-collar sentences in recent years:
The fallen hedge fund billionaire Raj Rajaratnam received the longest prison sentence ever for insider trading on Thursday, a watershed moment in the government’s aggressive two-year campaign to root out the illegal exchange of confidential information on Wall Street.
Judge Richard J. Holwell sentenced Mr. Rajaratnam, the former head of the Galleon Group hedge fund, to 11 years in prison and fined him $10 million and ordered him to forfeit $53.8 million. A jury convicted Mr. Rajaratnam of securities fraud and conspiracy in May after a two-month trial.
October 13, 2011 | Permalink