Galleon Group Manager Sentenced to Prison for Insider Trading

Oct 14, 2011, 09:07 by R.E. Christian

A judge Thursday sentenced billionaire Galleon Management founder Raj Rajaratnam 11 years in prison for his part in an insider-trading case.

The U.S. attorney's office in Manhattan said the hedge fund manager, who was convicted on 14 counts related to a massive insider-trading case that included profiteering from confidential information involving Goldman Sachs, Intel and other companies, The Washington Post reported Thursday.

Prosecutors had asked for a sentence of 19 years and seven months to 24 years and five months. The longer sentence would have been more fitting for "perhaps the worst insider-trading offender in history," the Justice Department said.

Rajaratnam's attorneys have said they would appeal his conviction.

Source: UPI