Raj Rajaratnam, founder of hedge fund, Galleon Group, was sentenced to 11 years in Federal prison in Butner, NC, fined $11 million, and ordered to disgorge $53.8 million for the imaginary crime of insider trading.
Judge Richard Howell stated: "the government is absolutely correct that insider trading is an assault on the free markets that are a fundamental element of our democratic society." I'd be interested in knowing the judge's definition of free markets, but perhaps the prosecutor didn't feed hizzoner those kinds of details.
Thursday, October 13, 2011
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