Hedge Fund Tycoon Raj Rajaratnam Gets the Cuffs
Raj Rajaratnam — hedge fund tycoon — was convicted in the biggest Wall Street trading scandal of this generation and now ordered to serve 11 years in prison.
He was found guilty of running a network of informants that provided him with corporate secrets. After a two month trial, he was convicted of 14 securities fraud and conspiracy charges in May. Rajaratnam was the central figure of a sprawling criminal case which touched some of America’s top companies including Goldman Sachs Group Inc (NYSE:GS), Intel Corp (NASDAQ:INTC), IBM (NYSE:IBM) and the elite McKinsey & Co consultancy. Rajaratnam once ran a $7 billion hedge fund.
“But judges have been handing down some tough sentences recently. A former Galleon employee, stock trader Zvi Goffer, 34, was sentenced last month to 10 years in prison ordered to forfeit $10 million after being found guilty at trial,” according to Yahoo Finance.