Raj Rajaratnam Is Sentenced to 11 Years In Prison
Raj Rajaratnam, the mega-rich hedge funder found guilty of insider trading, was sentenced to 11 years in prison on Thursday. DealBook reports that it's the "longest-ever prison sentence for insider trading." And he seems to have gotten off more leniently than the government wanted: "The 11-year sentence was near the low end of the range of roughly 19 to 24 years requested," DealBook wrote. The Judge who sentenced the inside trader, U.S. District Judge Richard Holwell, was quoted by The Wall Street Journal saying "His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated." Rajaratnam has also been ordered to pay a $10 million fine, The Journal wrote. He allegedly had made $63.8 million in profits by insider trading before being arrested in 2009.
