Hedge fund billionaire gets 11 years for insider trading

Judge Richard J. Holwell sentenced Rajaratnam, a hedge fund tycoon who managed the Galleon Group hedge fund, in a ruling being described as a ‘watershed moment' in the US government's attempts to clean up Wall Street. The sentence comes after Rajaratnam, whose hedge fund grew to $7bn in size at its peak, was convicted of securities fraud and conspiracy by a jury in May after a two-month trial. Rajaratnam was found guilty of exchanging illegal stock tips about companies including Goldman Sachs and Google with corporate insiders and fellow traders. The US government had placed Rajara...