Disgraced Galleon chief executive Raj Rajaratnam was sentenced to 11 years in prison today for orchestrating one of the largest insider trading schemes in history.
Judge Richard Howell gave Rajaratnam a more lenient sentence because of his need for a kidney transplant, Bloomberg reported.
The 11 year sentence is the longest insider trading prison sentence in history.
He will serve his term in Butner, North Carolina at the same correction facility as the infamous ponzi schemer Bernie Madoff, CNBC reported.
Rajaratnam was also slapped with a $10 million fine.
He arrived in federal court in downtown Manhattan this morning wearing a blue stripped tie, dark charcoal suit, a white shirt.
His attorney John Dowd was not with him. There was a new guy, according to Clusterstock’s Courtney Comstock.
Rajaratnam did not make a statement during his sentencing.
The 54-year-old hedge fund manager was convicted in May of five counts of conspiracy and nine counts of insider trading.
Rajaratnam’s legal team, citing health issues among other things, asked the judge for a lighter sentencing of 6 1/2 years to 8 years.
Prosecutors pushed for a harsher sentence of up to 24 years claiming that Rajaratnam reaped $72 million in illegal profits from his insider trading.
The defence, however, argued that he only brought in $7.46 million and therefore should have a lighter sentence, according to federal sentencing guidelines.
Here’s the video of him arriving at court today. [via PBS]
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