Thursday, 28 July 2016
Last updated 2 hours ago
Sep 1 2011 | 12:31pm ET
A federal judge yesterday threw the book at former Galleon Group trader Craig Drimal, sentencing him to five-and-a-half years in prison.
U.S. District Judge Richard Sullivan's sentence fell in the middle of the 57 to 71 months called for by federal sentencing guidelines; Drimal's lawyers had sought a sentence below that range. Sullivan also ordered Drimal to forfeit $11 million.
"There has to a message sent to hedge fund managers and traders: This is not going to be tolerated," Sullivan said.
"I'm deeply sorry for the pain I've caused," Drimal said. "I understand I've committed a crime and I deserve to pay the price."
Drimal pleaded guilty in April to conspiracy and fraud charges, admitting to his membership in one of two interlocking insider-trading rings.