Rajaratnam's Insider Sentenced Topped

Jun 7 2012 | 9:47am ET

Take Raj Rajaratnam's 11-year prison sentence out of the record books.

Just six months into that bit, a former lawyer was hit with a 12-year prison sentence, making Rajaratnam's now the second-longest insider-trading sentence in U.S. history. The unlucky felon is Matthew Kluger, who admitted last year that he tipped a broker, Kenneth Robinson, about impending mergers from 1994 until Robinson's arrest in 2011. Robinson would then pass the confidential information to a trader, Garrett Bauer.

Kluger said after the sentencing that it was unfair that he was treated more harshly, despite his guilty plea.

"I guess it's better to take $68 million and go to trial and be unwilling to accept responsibility for what you did," he said.

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