Hedge fund billionaire Raj Rajaratnam has began serving his eleven year term for insider trading after he was found guilty in October of exchanging illegal stock tips.
The sentence is the longest ever handed out for insider trading, with the ruling being described as a ‘watershed moment' in the US government's attempts to clean up Wall Street. Rajaratnam, who managed the Galleon Group hedge fund which peaked at $7bn, was convicted of securities fraud and conspiracy in May after a two-month trial. He was found guilty of exchanging illegal stock tips about companies including Goldman Sachs and Google with corporate insiders and fellow traders. Rajaratnam was fined $92.8m (£59.2m) and his case has led to more than two dozen related convictions. H...
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