Bloomberg reports that Galleon Group LLC co-founder Raj Rajaratnam asked a federal judge for a prison term “substantially below” what U.S. guidelines recommend for the hedge-fund manager convicted of running the biggest insider- trading ring in a generation.
Rajaratnam, 54, faces as long as 19 1/2 years in prison, prosecutors said in May when he was convicted of all 14 criminal counts of conspiracy and securities fraud. He’s scheduled to be sentenced Sept. 27 by U.S. District Judge Richard Holwell in Manhattan.
Defense attorneys cited Rajaratnam’s poor health, urging Holwell not to force their client to suffer and die in prison. “Mr. Rajaratnam is not a healthy man,” they wrote, citing “significant and challenging medical issues” that are known to the court’s probation department. “His death will be hastened by a term of imprisonment,” they said.
Find out more at http://www.bloomberg.com/news/2011-08-09/rajaratnam-seeks-sentence-substantially-below-guidelines-in-galleon-case.html
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