Sunday, 25 January 2015
Last updated 2 days 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…