Friday, 27 November 2015
Last updated 1 day ago
Jun 18 2012 | 2:39pm ET
Rajat Gupta may be hoping Jed Rakoff will run true to form when the U.S. district judge sentences him this fall.
Rakoff is known for trimming the sentences recommended by prosecutors in insider trading cases such as that involving the former McKinsey & Co chief executive.
Last September, according to a survey of Rakoff’s rulings done by Bloomberg News, Rakoff sentenced hedge fund consultant Winifred Jiau to four years in prison, rather than the 10 sought by federal prosecutors, for her role in selling confidential information to Galleon Group co-founder (and convicted fraudster) Raj Rajaratnam. Rakoff also gave two of Jiau’s colleagues probation instead of jail.
The judge gave Primary Global Research executive James Fleishman a 30-month term instead of the up to 108 months sought by prosecutors. Former SAC Capital Advisors manager Donald Longueuil also received a 30-month term instead of the 46-57 months sought by the prosecution and Manosha Karunatilaka, a former Taiwan Semiconductor Manufacturing Co. manager, was sentenced to 18 months in prison by Rakoff, instead of 37- to 46-month term sought by the government.
Gupta was found guilty of securities fraud and conspiracy on Friday. The former, more serious, charge carries a maximum penalty of 20 years.
He will be sentenced on October 18.
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…