BROWSE BY TOPIC
Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Rajaratnam Loses Appeal to Shorten 11-Year Prison Sentence
[Photo: by NBCnewYork.com]
Nearly 6 years ago, Raj Rajaratnam was found guilty of fraud and conspiracy by a federal jury in Manhattan. The billionaire investor who once ran one of the world’s largest hedge funds, was the most prominent figure ever convicted in the government’s crackdown on insider trading on Wall Street – a trophy verdict for Federal prosecutor Preet Bharara.
On 10/13/11, Rajaratnam was ordered to serve 11 years in prison – the longest sentence ever in an insider trading case, though far less than prosecutors sought. The judge also fined him $10 million and ordered him to forfeit nearly $54 million – which federal prosecutors approximated the sum total of Rajaratnam’s illegal profits and avoided losses.
On Friday, 3/3/17, U.S. District Judge Loretta Preska rejected Rajaratnam’s bid to reduce both his prison sentence and his forfeiture. In her ruling, Judge Preska disagreed with Rajaratnam’s contention that he did not provide benefits to insiders for confidential information related to trades underlying 5 counts, or know that insiders provided that information for the sake of any benefit.
“Here, because all the information was transferred between trading relatives or friends, the mere transfer of information is sufficient to constitute a benefit."
Judge Preska further rejected Rajaratnam’s claim that 2 other counts should be vacated because the main government witness committed perjury, in part because the alleged contradictions by the witness were immaterial and that "a faulty memory resulting in inaccuracies or mistakes" did not mean perjury occurred.