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US seeks record sentence for hedge fund boss in NY
Government seeks record two-decade prison term for NY hedge fund boss in insider trading case
By The Associated Press

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.


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