Rajaratnam jailed for 11 years for insider trading

Friday 14 October 2011 05:00 EDT

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Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street trading scandal in a generation, has been ordered to serve 11 years in prison, one of the longest sentences ever in an insider-trading case.

The Galleon Group fund founder, 54, made no statement on his behalf before the sentence was pronounced by US District Judge Richard Holwell at a court hearing in Manhattan. The judge also imposed a $10m (£6m) fine. Federal inmates typically must serve at least 85 per cent of their terms before being eligible for release.

Rajaratnam was convicted of 14 securities fraud and conspiracy charges in May in a case that sent shock waves through Wall Street.

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Rajaratnam jailed for 11 years for insider trading

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