The practice is more usually associated with mafia investigations and Rajaratnam's lawyer fought unsuccessfully to have the tapes banned from court. The recordings proved extremely damaging for Rajaratnam and his associates. Out of 26 charged in Galleon-related cases, Rajaratnam and three others were convicted at trial; 21 pleaded guilty and one defendant is at large.
Rajaratnam's sentencing follows a year sentence for Zvi Goffer, a former trader at Galleon. The average sentence of the 13 other defendants connected to the Galleon case has been about three years.
He has handed out the stiffest sentence in an insider dealing case but at the same time displayed mercy," said Richardson. The crackdown on insider dealing comes as US and UK authorities are trying to cooperate on cross-border regulation and enforcement. Mary Schapiro, the chairwoman of the top US financial watchdog the Securities and Exchange Commission, met Hector Sants, the UK's Financial Services Authority chief executive officer, in London on Thursday to discuss topics including high-frequency trading and cross-border enforcement cases.
But legal experts said the Rajaratnam case would be difficult to replicate in the UK. Poster boy of Wall St skullduggery. Verdict marks government victory.
Ex-beauty queen's insider trades. Rajaratnam has been under house arrest in his Manhattan residence. Business culture 'virus'. Bear Stearns hedge-fund trader Danielle Chiesi was among those convicted in the same case. Published 8 March Web Stories. Morning Brief Podcast.
Economy Agriculture. Foreign Trade. Company Corporate Trends. Defence National International Industry. International UAE. Saudi Arabia. US Elections World News. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. Rajaratnam, 54, is the central figure in what US investigators called the largest hedge fund insider trader case in US history.
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