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Rajaratnam Sentencing Near: Prior Galleon Sentences
October 11, 2011
Galleon Group founder Raj Rajaratnam is due in court on Thursday, October 13, for sentencing on an insider trading conviction. As the supposed leader of the largest ever insider trading rings, Rajaratnam is expected to get one of the longest sentences ever handed out for insider trading.
He'll have plenty of company in prison, according to Thomson Reuters, which compiled the definitive list of everyone convicted in the case, beginning with:
Zvi Goffer - 10 years. Goffer, 34, a Galleon trader for nine months before leaving to start his own firm, Incremental Capital. At his sentencing, was told by Judge Sullivan that, by going to trial ,"You gambled and you lost." Prosecutors described Goffer as the ringleader of a network that stole secrets about corporate mergers. Craig Drimal - 5-1/2 years. Drimal, 55, who worked out of Galleon's office but was not an employee, pleaded guilty to obtaining corporate secrets from Goffer and others. He made more than $7 million in illicit profits. Judge Sullivan also ordered him to pay $11 million in restitution. Danielle Chiesi - 2-1/2 years. Was sentenced by Judge Richard Holwell, who also will impose sentence on Rajaratnam. Chiesi, 45, a former high school beauty queen who became a hedge fund trader, conspired with Rajaratnam and others - including long-time lover and boss at New Castle Funds, Mark Kurland. She pleaded guilty to conspiracy charges.For the rest of the list, visit [Thomson Reuters, 10/11/11]

