Raj Rajaratnam (54), the billionaire hedge fund manager convicted in May on 14 counts of securities fraud and conspiracy, was handed a 11-year jail term by a Manhattan court on Thursday, said to be the longest sentence imposed for insider trading in New York in twenty years.
Although the prosecution in the two-year case had pushed for a maximum jail term of over 24 years, the Sri- Lankan born boss of the Galleon Group had pleaded for a lenient sentence arguing that given his health problems a long prison term would amount to a “death sentence.”
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