Rajaratnam Gets 11 Years For Insider Trading

Law360, New York (October 13, 2011, 11:56 AM EDT) -- Galleon Group LLC founder Raj Rajaratnam, dubbed “the modern face of illegal insider trading” by prosecutors, was sentenced to 11 years in prison Thursday, a far lower term than the government had requested.

The Sri Lankan-born billionaire hedge fund manager allegedly made himself and his fund $64 million by trading ahead of the market using undisclosed merger and earnings information acquired from at least 19 companies, including Google Inc. and Goldman Sachs & Co.

Investigators ultimately stopped him with the help of wiretaps, a tool unheard...
To view the full article, register now.