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Raj Rajaratnam Sentenced -- and Fined Millions

Oct. 13, 2011

Staff -- HispanicBusiness

Galleon Group founder Raj Rajaratnam was found guilty on 14 counts involving securities fraud and conspiracy last May. Today, he was sentenced to 11 years in prison, as well as fined $10 million.

Rajaratnam, 54, declined to speak at his sentencing. Rajaratnam is due to begin his sentence at a still-unknown prison on Nov. 28. Rajaratnam was arrested in October 2009. Prosecutors had sought nearly 20 years in jail for Rajaratnam; his sentence of 11 years in prison represents the longest sentence for insider trading-related crimes.

Source: HispanicBusiness.com (c) 2011. All rights reserved.