Trader Should Get 5 1/2 Years For $6M Galleon Gains: US

Law360, New York (August 25, 2011, 7:09 PM EDT) -- A trader who made more than $6 million on illegal tips about mergers should serve at least 5 1/2 years in prison, prosecutors said Wednesday as the massive securities fraud and insider trading case around Galleon Group LLC continues to unfold.

In a sentencing memorandum filed in New York federal court, prosecutors sought up to seven years for Craig Drimal, who pled guilty in April to trading on inside information about mergers involving 3Com Corp. and Axcan Pharma Inc.

“Drimal has no excuse for his illegal...
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