Whoever Edited this Clip About Biden Deserves Major Props...And Trump Certainly Noticed It
'ISIS Dry Run'? We Know How Two Jordanians Tried to Infiltrate a US...
'Wait, They Left': College Kids Stumped By Simple Questions About Israel and Hamas
Morehouse Might Cancel Graduation Ceremonies 'On the Spot' if This Happens During Biden's...
What if Biden Wins in November? Part One
The Despicable Crime of Indoctrinating Young Children
CNN Analyst Shocked By Trump's Surge In Support Among Surprising Group
NYT Claims Justice Samuel Alito Sent 'Stop the Steal' Message Outside His Home
Why These Voters Say the Trump Trial Is Backfiring on Democrats
Trades Keep America Running, and We Need Them Now More Than Ever!
Sham Elections Garner Farcical 8 Percent Support in Iran
Heil Harvard!
A Californian Visits the U.S.A.
False Bravado: Joe Biden is our Debater-in-Chief?
Happy Anniversary to Lois Lerner!
OPINION

Hedge fund billionaire gets 11-year sentence in fraud case

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement

Raj Rajaratnam, the hedge fund billionaire at the center of one of the largest insider trading cases in history, was sentenced Thursday to 11 years in prison, according to the U.S. attorney’s office in Manhattan.

Advertisement

It was the longest prison term in history for insider trading, the federal prosecutor’s office said, and was the culmination of a years-long federal probe of corruption in the stock market. The Rajaratnam case pulled back the curtain on a long-suspected dark side of the hedge fund business.

Rajaratnam, who headed Galleon Management, was convicted in May on 14 counts of conspiracy and securities fraud for illegally using inside information to trade in stocks such as Goldman Sachs and Intel. The trading generated profits or avoided losses of $72 million, the government estimated.

Rajaratnam’s crimes “reflect a virus in our business culture that needs to be eradicated,” federal judge Richard J. Holwell said at the sentencing in New York.

The 54-year-old was ordered to forfeit $53.4 million and pay a fine of $10 million. Currently out on a $100 million bail, he is scheduled to report for prison on Nov. 28. The Associated Press reported from New York that defense lawyers asked that Rajaratnam be allowed togo to the medical facility at the Butner Federal Correctional Complex in North Carolina, where Bernard Madoff is serving his 150-year sentence for running a Ponzi scheme that cheated thousands of people out of billions of dollars.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos