Hedge fund billionaire gets 11-year sentence for insider-trading

Raj Rajaratnam, the hedge fund billionaire at the center of one of the largest insider trading cases in history, was sentenced Thursday to 11 years in prison, according to the U.S. attorney’s office in Manhattan.

It was the longest prison term in history for insider trading, the federal prosecutor’s office said, and was the culmination of a years-long federal probe of corruption in the stock market. The Rajaratnam case pulled back the curtain on a long-suspected dark side of the hedge fund business.

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