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| Raj Rajaratnam |
Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street trading scandal in a generation, was ordered on Thursday to serve 11 years in prison, one of the longest sentences ever in an insider-trading case.
The sentence was lighter than the 19-1/2 year minimum prison term that prosecutors had sought, but is still above the 10 years handed down recently in another major insider trading case. Federal inmates typically must serve at least 85 percent of their terms before being eligible for release.
It was not immediately clear if Rajaratnam would be ordered to prison immediately, at a later date, or allowed to remain under house arrest while he appeals his conviction. Prosecutors and defense lawyers were still discussing sentencing matters in court on Thursday morning after the judge announced the intended prison term.
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