Former billionaire hedge fund manager Raj Rajaratnam, 54, was sentenced to 11 years in prison on Thursday. The punishment is reportedly the longest insider trading sentence ever.
Rajaratnam, the former head of the Galleon Group hedge fund, was convicted of securities fraud and conspiracy in May after a two-month trial. Judge Richard J. Holwell, of Federal District Court in Manhattan, also issued a $10 million fine and ordered Rajaratnam to forfeit $53.8 million.
Galleon Chief Sentenced to 11-Year Term in Insider Case