[ by Melanie Gretchen ] A former Wall Street trader made off with no jail time after cooperating with the government in its extensive insider trading investigations and prosecutions.  And he produced results, which count in this sort of thing.  His efforts contributed to the prosecution of 10 people suspected of insider trading.  Of the 63 charged in the government's crackdown, 56 individuals have pled guilty or been convicted of criminal charges. It Began When David Slaine, 52, pled guilty to ... charges of conspiracy and securities fraud in December 2009.  He admitted to making improper trades based on tips about upcoming UBS analyst recommendations.  The scheme dated back to 2002. He will not go to prison.  However, he will have to serve 3 years' probation, and complete 300 hours of community service, and pay a $500,000 fine, in addition to the $532,000 in illicit profits he already had forfeited. Who He Busted. But, apparently, Slain played his cards right.  At least it worked for him.  Slaine was approached by the FBI and participated for 2 years with investigations that led to the prosecution of Galleon Group founder Raj Rajaratnam, who's currently serving 11 years in prison, and others. For example, last year, he served as a key government witness at the insider-trading trial of Zvi 'Octopussy' Goffer, a former trader at Galleon, and 2 others.  BTW: Goffer's nickname is derived from the James Bond film of that name and refers to his many insider information ties that were effectively utilized by the trading group. In a meeting with his friend, Craig Drimal, during which Slaine wore a wire, the government was able to gather enough evidence to obtain permission from a judge to wiretap the telephones of those individuals suspected of insider trading.  An unaffiliated trader who worked out of Galleon's offices, according to prosecutors, Drimal pled guilty to conspiracy and securities fraud and was sentenced to more than 5 years. Goffer chose to take his chances with a jury, and chose not to settle the charges.  While he 'acquitted' himself admirably before the court, and expressed enormous contrition for the errors of his way, goffer was convicted by a jury and handed a 10-year sentence. For more information, visit [WSJ, 1/21/12] and [WSJ, 1/11/12].