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Raj Rajaratnam: Hedge Fund Billionaire Sentenced To 11-Year Jail For Insider Trading
Issue 42, October 16, 2011
By KTM Metro Reporter
October 15, 2011: Sir Lanka-born Raj Rajaratnam is the hedge fund billionaire but he has been implicated in one of the largest insider trading cases in history, for which he has received 11-year jail term according to the news posted on the Washingtonpost.com
The 54-year-old Rajaratnam headed Galleon Management. He illegally used inside information to trade in stocks. The corporate secrets involving people at the highest echelons of the financial world have given hedge funds a competitive edge.
Rajaratnam’s crimes “reflect a virus in our business culture that needs to be eradicated,” U.S. District Judge Richard J. Holwell said at the sentencing in New York.
