The case of Raj Rajaratnam, a billionaire, and his insider trading is winding to a close – but not for him, as he will spend 11 years in a Federal prison to have a think about what he did.
The long-winded and complex insider trading case saw a media circus close in around the greed of those allegedly involved.
IBM’s Robert Moffat got just six months in prison and a $50,000 fine while others around him were getting thrown in for years or more. Ex Intel employee Rajiv Goel was also critical to Rajaratnam’s prosecution.
Their punishments pale in comparison to the Galleon boss’ 11 years in Gaol, but he did face up to 20.
Rajaratnam was found guilty in May this year of 14 counts of fraud.
The New York Times reports Judge Holwell as saying of the case: “Insider trading is an assault on the free markets. His crimes reflect a virus in our business culture that needs to be eradicated.”