Tuesday, 31 March 2015
Last updated 28 min ago
Sep 25 2012 | 12:37pm ET
The value of cooperating with prosecutors was demonstrated again yesterday, as a former friend of Galleon Group founder Raj Rajaratnam avoided prison for his crimes.
Former Intel Corp. employee Rajiv Goel was sentenced to two years' probation, the same sentence handed down to the two other key cooperators who helped send Rajaratnam to prison for 11 years. Prosecutors had pushed for a lenient punishment, lauding Goel's "extraordinary" cooperation.
"You showed good sense in deciding to cooperate," U.S. District Judge Barbara Jones said. "You have already been punished in the sense of shame you feel for your family and your having lost your career."
"I did think you showed your character in the extent of your cooperation," Jones continued. "I think you did go beyond and for that you deserve a departure of probation."
Goel, who had faced up to 25 years in prison, met Rajaratnam at business school in the 1980s, and became a close friend and business partners. The two families were close enough to vacation together.
Goel was earlier ordered to pay a $254,000 fine by the Securities and Exchange Commission. Jones ordered him to pay a further $10,000 fine and to forfeit $266,649.
"I am deeply ashamed for the mistakes that I have made," Goel said. "I apologize to all that have been hurt by my actions, and in particular my wife and children who have been devastated by the trauma and grief that my actions have caused them."
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…