New York (HedgeCo.net) – Hedge fund founder Raj Rajaratnam has been sentenced to 11 years in prison on Thursday by Manhattan Judge Richard J. Holwell.
The judge also imposed a $10 million fine and ordered a forfeiture of $53.8 million. Since his October 2009 arrest, more than two dozen people were arrested in the investigation, nicknamed Perfect Hedge, and all were convicted, according to AP.
In Feburary, Rajaratnam attacked the U.S. government’s wiretap evidence saying he would file a motion to suppress the telephone recordings which were used to arrest Rajaratnam and more than a dozen other people in the Galleon raid. Rajaratnam then won an emergency order relieving him from having to turn over wiretap recordings because of legal hurdles in obtaining the 14,000 wiretap intercepts.
The hedge fund millionaire was taken into custody in New York on Oct. 16, 2009 in what is being called the USA’s largest hedge fund insider-trading scheme.
Alex Akesson
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