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Crooked lawyer gets 6 months behind bars for feeding tips in massive NYC insider trading case
NEW YORK (AP) ' A lawyer who admitted providing confidential tips on big Wall Street deals has been sentenced in New York to six months behind bars.
Brien Santarlas was charged in what federal prosecutors in Manhattan have billed as one of the largest insider trading cases in history. He was sentenced Wednesday.
As part of a plea deal, Santarlas testified at the trial of three traders who were convicted of securities fraud earlier this year. The lawyer told jurors he was paid $25,000 for his first big tip.
The investigation has resulted in convictions of more than two dozen defendants. They include Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm), a former billionaire and high-flying hedge fund manager.
Rajaratnam was sentenced to 11 years in prison.