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Government seeks record two-decade prison term for NY hedge fund boss in insider trading case
NEW YORK (AP) ' A hedge-fund founder once recognized as one of the richest citizens in the U.S. would serve the longest sentence in history for an insider trading conviction if a federal judge grants the government's request to send him to prison for two decades.
The sentencing of Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm) is scheduled for Thursday in New York City.
Prosecutors are asking that the 54-year-old, one-time billionaire serve between 19 1/2 years to 24 1/2 years in prison. They say his crime earned more than $70 million in profits.
Lawyers for the Sri Lanka native argue their client is in poor health and his sentence should be 6 1/2 to 9 years for what they say were illegal profits of about $7 million.
Rajaratnam, who founded Galleon Group, was convicted in May of securities fraud.