Dude, get a grip! Galleon Group LLC co-founder Raj Rajaratnam, convicted of directing the biggest-ever hedge fund insider trading scheme, may face a stiffer sentence after telling a court official he still wasn’t “clear” that what he did was wrong, Bloomberg writes.
Rajaratnam, 54, convicted in May of trading on illegal stock tips, later told a court official that he wasn’t “clear” on “the line between permissible ‘detective work’ and impermissible insider trading,” prosecutors said.
After his conviction, Rajaratnam was interviewed by a court probation officer who is writing a memorandum proposing a sentence to the judge. Such interviews are standard in criminal cases. In a legal brief on Sept. 9, prosecutors excerpted some of his comments to the probation officer while telling U.S. District Judge Richard Holwell in New York that they show Rajaratnam “remains defiant...”
Read more at http://www.bloomberg.com/news/2011-09-12/galleon-s-rajaratnam-says-he-s-not-clear-on-insider-rules-u-s-says.html
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