…In Mr. Rajaratnam’s shadows lurked a mostly anonymous network of corporate executives, lawyers, consultants and traders who exchanged confidential information about publicly traded companies. Twenty-four have either pleaded guilty or been convicted; one remains a fugitive, according to Dealbook.
The government placed Mr. Kimelman, a 40-year-old journeyman trader, at the outer edge of Mr. Rajaratnam’s insider trading web. His role in the case was marginal enough that prosecutors offered Mr. Kimelman a deal shortly after his arrest in 2009: Plead guilty to a charge of participating in the conspiracy and receive no prison time, only a sentence of probation.
At the Federal District Court in Manhattan on Wednesday, a judge sentenced Mr. Kimelman, a 40-year-old former trader convicted of insider trading, to two and a half years. He could have avoided prison by accepting a plea deal, but rejected the offer and took his case to trial. In June, a jury found him guilty.
Find out more at http://dealbook.nytimes.com/2011/10/12/caught-in-a-wide-web-a-trader-faces-prison/?ref=business
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