Bob CollinsAway from the bright lights surrounding protesters on Wall Street, Raj Rajaratnam continued his relative anonymity outside of the financial world, even though he is, as the Wall Street Journal said today, “the face of the biggest trading scandal in a generation.”
He was sentenced today to 11 years in prison, although prosecutors want a near 20-year sentence for insider trading.
Federal prosecutors in Manhattan had accused Mr. Rajaratnam of persuading fellow hedge-fund traders, industry consultants and even corporate directors to provide him with confidential corporate information as he searched for an “edge” over the investing public. Prosecutors alleged Mr. Rajaratnam made profits or avoided losses of $72 million through his trading.
He got caught, but judging from this “debate” with financial insiders on CNBC today, he won’t be the last to get rich illegally. Not with the assertion that insider trading is a “victimless crime.” (Note the unusual spine displayed by a show host in this video.)
