Hedge Fund Manager Rajaratnam Sentenced To 11 Years

Oct 13, 2011
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STEVE INSKEEP, HOST:

MORNING EDITION's business news begins with a sentence for insider trading.

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INSKEEP: The man receiving that sentence is Raj Rajaratnam, once one of the wealthiest hedge fund managers in the world. Now the former billionaire and Galleon Group cofounder faces 11 years in prison for his role in an insider trading case. A judge in Manhattan handed out that sentence this morning.

Now, in May, Mr. Raj Rajaratnam was convicted on multiple counts of conspiracy and securities fraud in what prosecutors called the largest hedge fund insider trading case in U.S. history. Transcript provided by NPR, Copyright NPR.