Tue, 16 Aug 2022 Today's Paper

Prosecutors demand hefty Rajaratnam sentence

5 October 2011 06:51 am - 0     - {{hitsCtrl.values.hits}}

A A A

US prosecutors said Tuesday that former hedge fund manager Raj Rajaratnam should be given a hefty prison sentence next week, arguing that illegal gains from his insider trading netted about $72 million.
Assistant US Attorney Andrew Michaelson told a court hearing that Rajaratnam should be punished for personal gains and also for the money that his illegal trades earned his Galleon Group hedge fund.
Another prosecutor, Reed Brodsky, argued that Rajaratnam further aggravated his crime by acting as leader of a wider conspiracy.
They demanded he be sentenced to as much as 293 months, or about 24.5 years, in prison, and a minimum of 19.5 years.
"Mr Rajaratnam is uniquely situated... (as) an individual at the top of a pyramid in his hedge fund" with "interlocking trading schemes," he said.
However, lawyers for the Sri Lankan-born founder of Galleon are urging leniency, with a sentence of as little as six and a half years.
One complained about prosecutors' attempts to get an "extravagantly high sentence" and said that Rajaratnam had never led a broader insider trading effort, but essentially acted alone on tip-offs.
Defense lawyers have also asked the court to consider what they say is a "constellation of ailments ravaging his body," although they have also asked for the details of his condition to remain private.
Federal Judge Richard Holwell is to hand down the sentence on October 13.
Rajaratnam, 54, was considered one of Wall Street's best performing hedge fund managers before being accused in the biggest insider trading investigation in years.
The US attorney's office has made a priority of prosecuting Rajaratnam and his sentencing is being closely watched. (AFP)
Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Tamil Parties Must Urge Full Implementation of 13A

Last week’s article was about the guerilla war fought by the Janatha Vimukt

Govt. re-recommends COVID-19 regulations: Medics, legal experts warn of vaccine expiry dates and injuries

The public has once again been advised to wear masks to prevent the spread of

8-year-old grave sexual abuse victim gets justice after 18 years

In Palawela Udaniriella, an 8-year-old girl became the victim of Grave Sexual

Covid makes a comeback!

These questions have been buzzing in our heads over the past few weeks as hea