madoka
Joined: 27 Mar 2008
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 Posted: Thu Oct 13, 2011 12:47 pm Post subject: Some wacky U.S, sentencing this week |
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A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced Thursday to 11 years in prison, the longest insider trading sentence ever but far short of the two decades sought by prosecutors. . .
The judge gave Rajaratnam leniency, citing his need for a kidney transplant and his advanced diabetes. And he credited Rajaratnam's charitable work, which he called "the defendant's responsiveness to and care for the less privileged." The judge cited Rajaratnam's work to help victims of the earthquake in Pakistan and Sept. 11, among others.
Assistant U.S. Attorney Reed Brodsky told Holwell before the sentence was announced that Rajaratnam made up to $75 million in illegal profits from insider trading he indulged in since at least the late 1990s as he led one of the world's largest hedge funds. The government has said he switched so much money around within his multibillion dollar funds that the movement of price in individual stocks could be traced to his trading whims.
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So this guy gets 11 years for over a decade of theft resulting in up to $75 million in illegal profit. The guy who stole nudie pics of Scarlett Johansson, not for profit, is up for up to 121 years in prison on various hacking charges. Quite a society we live in.  |
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