Richard Holwell , the Manhattan federal judge overseeing the trial of Raj Rajaratnam , is a former corporate lawyer who condemned insider trading in two recent cases he has handled during his eight years on the bench.
The judge who sentenced Raj Rajaratnam to 11 years in prison for insider trading after a trial in which he often closed proceedings and sealed files used a public relations firm to announce his resignation.
Raj Rajaratnam, the Galleon Group LLC co-founder whom prosecutors called “the modern face of illegal insider trading,” was sentenced to 11 years in prison, one of the longest terms ever for insider trading, though less than half of the maximum sought by the government.
Teachers, retirees, municipal workers, a Federal Reserve employee were among the 18 jurors chosen to consider insider-trading charges against Raj Rajaratnam , co-founder of hedge fund Galleon Group LLC.
Danielle Chiesi , accused with Raj Rajaratnam in the largest insider-trading case involving hedge funds, testified that U.S. agents questioned her before advising her of her right to remain silent and to seek a lawyer’s advice.
Galleon Group LLC co-founder Raj Rajaratnam said the punishment sought by the government for his insider-trading convictions is “grotesquely severe” and should be rejected by the court. The U.S. said a long prison sentence is warranted.
Raj Rajaratnam, the hedge fund manager given the longest sentence for insider trading, may serve that time at a North Carolina prison whose inmates include Ponzi scheme mastermind Bernard Madoff, corporate looter John Rigas and terrorist leader Sheikh Omar Abdel Rahman.