Monday, 30 March 2015
Last updated 2 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…