Hedge Fund Billionaire Raj Rajaratnam Sentenced to 11 Years in Prison for Fraud Case

Hedge fund billionaire Raj Rajaratnam, co-founder of Galleon Group LLC, was sentenced to 11 years in federal prison for masterminding the biggest hedge-fund insider trading scheme in US history. The sentence was substantially less than the 19 years and seven months to 24 years and five months, the government had sought. In any case, this dirtbag will be off the streets and behind bars for a long time. Rajaratnam was convicted in May on 14 counts of conspiracy and securities fraud for illegally using inside information to trade in stocks. The trading generated profits of more than $60 million, according to the government.