Monday, 24 October 2016
Last updated 2 days ago
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.