Galleon Group LLC’s Raj Rajaratnam faces a federal judge this week who will weigh wildly divergent portraits of the disgraced hedge fund manager while interpreting guidelines that may call for one of the longest insider trading sentences in U.S. history, according to a report in Bloomberg
Prosecutors paint Rajaratnam as a “serial insider trader” who corrupted friends and business associates to illegally make profits or avoid losses totaling $72 million. Defense lawyers say Rajaratnam is a generous man who committed victimless crimes. A prison stretch would kill him, they claim.
U.S. District Judge Richard Holwell in Manhattan, who will sentence Rajaratnam Oct. 13, presided over the jury trial in which the fund manager was convicted of running the biggest insider trading ring in a generation. The judge will consult nonbinding sentencing guidelines that sometimes recommend longer terms for white-collar criminals than some violent offenders.
“The sentence called for by the guidelines is likely to be excessive,” said Barry Boss, a partner in the Washington office of Cozen O’Connor and co-chairman of the American Bar Association’s Criminal Justice Section Sentencing Committee...
Read all about it at http://www.bloomberg.com/news/2011-10-10/hedge-fund-insider-trading-sentence-for-raj-rajaratnam-may-be-longest-ever.html
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