Hedge founder gets 11 years in insider trade probe

  1. Stacie L profile image90
    Stacie Lposted 5 years ago

    Hedge founder gets 11 years in insider trade probe
    APBy LARRY NEUMEISTER - Associated Pres

    http://news.yahoo.com/hedge-founder-get … 25462.html

    NEW YORK (AP) A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced Thursday to 11 years in prison, the longest insider trading sentence ever but far short of the two decades sought by prosecutors.

    Galleon Group founder Raj Rajaratnam also was fined $10 million and ordered to forfeit $53.8 million by U.S. District Judge Richard J. Holwell, who said he concluded that Rajaratnam made well over $50 million in profits from his illegal trades.
    well,there's one,how many more to follow?...

    1. Jon Peterz profile image59
      Jon Peterzposted 5 years ago in reply to this

      In the 1970's it was a common practice to cajole "inside" scoops from corporate mgr by money managers.  Now it's a NO-NO.  Hedge Funds operate today in a much more regulated environment.