Tuesday, 1 December 2015
Last updated 11 hours ago
Jan 23 2012 | 1:33pm ET
Former Galleon Group trader David Slaine admitted that he made more than $3 million in illegal profits trading on confidential information. But he won't spend a day in jail.
Slaine received three years' probation on Friday. Prosecutors in the Galleon case pushed for leniency, crediting Slaine's cooperation—including his agreement to wear a wire—with helping doom Raj Rajaratnam, other members of the Galleon Group insider-trading ring and those implicated in the expert-network insider trading case. U.S. Attorney Preet Bharara called Slaine's assistance "nothing short of extraordinary."
U.S. District Judge Richard Sullivan agreed.
"Mr. Slaine, you have your life back," he said. "I think you've earned it, by virture of the work you've done over the last five years."
Slaine was also ordered to perform 300 hours of community service and pay a $500,000 fine. He's already forfeited $836,000 in a parallel Securities and Exchange Commission civil case.
Slaine pleaded guilty to securities fraud and conspiracy in December 2009. He admitted to earning some $3 million for Chelsey Capital, a hedge fund, in 2002, as well as more than $500,000 for himself. He did not testify at Rajaratnam's trial, but did testify in the trial of three other members of the Galleon circle, led by former Galleon trader Zvi Goffer.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…