Rajaratnam gets 11-year insider trading sentence

Raj Rajaratnam, a self-made hedge fund tycoon convicted in the largest Wall Street trading scandal in a generation, was ordered today to serve 11 years in prison, one of the longest sentences ever handed out in an insider-trading case, but far less than prosecutors sought, Reuters reported. Rajaratnam once ran a $7 billion hedge fund but was found guilty of running a network of informants who provided him with corporate secrets. Prosecutors had sought a 19 1/2-year minimum prison sentence. Rajaratnam was convicted of 14 securities fraud and conspiracy charges in May after a two-month trial.

Raj Rajaratnam, a self-made hedge fund tycoon convicted in the largest Wall Street trading scandal in a generation, was ordered today to serve 11 years in prison, one of the longest sentences ever handed out in an insider-trading case, but far less than prosecutors sought, Reuters reported.

Rajaratnam once ran a $7 billion hedge fund but was found guilty of running a network of informants who provided him with corporate secrets. Prosecutors had sought a 19 1/2-year minimum prison sentence. Rajaratnam was convicted of 14 securities fraud and conspiracy charges in May after a two-month trial.