Hedge-Fund Boss Gets 11 Years

Former hedge-fund tycoon Raj Rajaratnam has been sentenced to 11 years in prison and fined $10 million for insider trading, the longest-ever such sentence. Rajaratnam, the founder of Galleon Group, got tips from a network of insiders in Goldman Sachs, Google, Intel, and other companies. Prosecutors say he made $72 million from insider trading, while Rajaratnam’s lawyers say it was only $7.4 million. The Economist says good riddance to the “know-it-all” billionaire—and praises a new boon for regulators looking to crack down on trading abuses.
Read it at Bloomberg

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