There is not even a chance we will do one day in jail," Danielle Chiesi declared early last year in an interview with Reuters. On Wednesday, the former high-school beauty queen and hedge fund trader is expected to learn how many days -- or years -- she will in fact spend behind bars for insider trading.
Chiesi, 45, pleaded guilty in January to three conspiracy counts. She is the first major defendant to be sentenced in the government insider-trading probe, unveiled in October 2009 and centered on Galleon Group hedge fund founder Raj Rajaratnam.
Prosecutors have called Chiesi the "consummate Wall Street insider." They said the former trader at New Castle Funds, a now-closed New York hedge fund that was once part of Bear Stearns Cos, schmoozed powerful sources to get inside tips about corporate activity and tried to hide her tracks.
Not true, Chiesi's lawyers said in court papers arguing for leniency. They called her an emotionally scarred victim of a gnarled love affair with her former boss. "Dani," they said, had an unhealthy desire to please and to avoid rejection…..
Read the rest at http://in.reuters.com/article/2011/07/17/idINIndia-58302720110717
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