Wednesday, 30 July 2014
Last updated 1 hour ago
Sep 13 2012 | 7:48am ET
Rajiv Goel, one of the key witnesses against Galleon Group founder Raj Rajaratnam at the latter's trial last year, has had his sentencing postponed.
Goel, a longtime Rajaratnam friend and former Intel Corp. employee, was to be sentenced yesterday. Instead, he'll learn his fate on Sept. 21.
Goel faces up to 25 years in prison on his conspiracy and fraud guilty pleas. But prosecutors have urged U.S. District Judge Barbara Jones to show leniency, calling Goel's cooperating "extraordinarily helpful."
"Goel testified against one of his closest friends who had provided him with substantial financial assistance over many years," prosecutor Reed Brodsky wrote to the judge. "Although Goel did not express it or complain about it, he had to overcome the emotional aspect of providing assistance and trial testimony that helped demonstrate his close friend was guilty of multiple counts of securities fraud."
Goel was one of three key cooperating witnesses at the trial against Rajaratnam, which ended in his conviction and sentencing to 11 years in prison. The other two have both been sentenced and neither was sent to prison.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…