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Eleven Years In Slammer: But What Wealth Remains After Citizens Sustain Him?

Guest ValueCarl

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Guest ValueCarl

Here remains part of the "DEFICIT PROBLEM" that US taxpayers continue to be burdened with. I'm sure a large portion of his money is stashed around the globe for when he returns.  >:( This is why Wall Street crime pays. Ten million for hundreds of millions in theft? 




NEW YORK (Reuters) - Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street trading scandal in a generation, was ordered on Thursday to serve 11 years in prison, one of the longest sentences ever in an insider-trading case.


The sentence was lighter than the 19-1/2 year minimum prison term that prosecutors had sought, but is still above the 10 years handed down recently in another major insider trading case. Federal inmates typically must serve at least 85 percent of their terms before being eligible for release.


It was not immediately clear if Rajaratnam would be ordered to prison immediately, at a later date, or allowed to remain under house arrest while he appeals his conviction. Prosecutors and defense lawyers were still discussing sentencing matters in court on Thursday morning after the judge announced the intended prison term.


The Galleon Group fund founder, 54, made no statement on his behalf before the sentence was pronounced by U.S. District Judge Richard Holwell at a court hearing in Manhattan. The judge also said he would impose a $10 million fine.

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