Galleon Group LLC’s Raj Rajaratnam was sentenced to 11 years in federal prison and fined $ 10 million on Thursday for masterminding the biggest hedge-fund insider trading scheme in U.S. history. Rajaratnam will have to surrender to authorities on November 28 to begin serving his sentence. In addition to his $10 million fine, he will have to hand over $53.8 million as forfeited assets and pay a $1,400 court assessment fee. Since it is considered as one of the longest sentences for an insider trader Rajaratnam’s lawyers had meanwhile asked U.S. District Judge Richard Holwell for a lighter sentence referring to health concerns and said a very long prison term would amount to a death sentence.
Also caught up in the case Danielle Chiesi, the former beauty queen turned stock trader sentenced to two-and-a-half years in jail for her role in the biggest insider-dealing case in decades. Chiesi, who became the important informer of hedge fund billionaire Raj Rajaratnam, pleaded guilty last January to three counts of conspiracy to commit securities fraud. In March, Goldman CEO Lloyd Blankfein took the stand at the insider trading trial saying a former Goldman director, Rajat Gupta, violated the firm’s confidentiality policy when he shared information with Rajaratnam. The investigation about insider trading caught many famous figures including Anil Kumar, a McKinsey & Co. executive; Rajiv Goel, an Intel executive and Ali Harari, an Atheros Communications executive.
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