News / International
Hedge funds tycoon sentenced to 11 years behind bars
14 Oct 2011 at 08:28hrs | Views
US - Raj Rajaratnam, the co-founder of Galleon Group hedge funds in the United States, was sentenced here on Thursday to 11 years in prison for insider trading.
The former billionaire was also fined 10 million U.S. dollars. The court found he had made more than 50 million dollars in profits from his illegal trades, which was regarded as the biggest hedge fund insider trading case in U.S. history.
"His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated," said U.S. District Judge Richard Holwell.
Rajaratnam was found guilty of all 14 counts of conspiracy and securities fraud in May by a federal jury in New York, after wiretaps of the defendant's phone calls showed he had gained 63.8 million dollars by obtaining illegal inside information.
Rajaratnam, a Sri Lanka-born billionaire, once managed about 7 billion dollars at Galleon, one of the largest hedge funds in the world, before he was arrested in October 2009 in the largest crackdown on hedge-fund insider trading in U.S. history.
The former billionaire was also fined 10 million U.S. dollars. The court found he had made more than 50 million dollars in profits from his illegal trades, which was regarded as the biggest hedge fund insider trading case in U.S. history.
"His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated," said U.S. District Judge Richard Holwell.
Rajaratnam was found guilty of all 14 counts of conspiracy and securities fraud in May by a federal jury in New York, after wiretaps of the defendant's phone calls showed he had gained 63.8 million dollars by obtaining illegal inside information.
Rajaratnam, a Sri Lanka-born billionaire, once managed about 7 billion dollars at Galleon, one of the largest hedge funds in the world, before he was arrested in October 2009 in the largest crackdown on hedge-fund insider trading in U.S. history.
Source - Xihua News
