Monday, 6 July 2015
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…