Wednesday, 24 August 2016
Last updated 9 min ago
Nov 1 2012 | 12:39pm ET
Another cooperating witness in the Galleon Group insider-trading case has been handsomely rewarded for his assistance.
Michael Cardillo, a former portfolio manager at Galleon, was sentenced to three years probation for his role in the wide-ranging scandal. He is the latest person who struck a deal with prosecutors to be spared prison.
Cardillo, who testified at the trials of Galleon co-conspirators Craig Drimal, Emanuel Goffer, Zvi Goffer and Rajat Gupta, but not at that of Galleon founder Raj Rajaratnam, was also ordered to forfeit $291,189.
When he pleaded guilty last January to conspiracy and securities fraud, Cardillo admitted that he traded on confidential information he received from Drimal, as well as on tips he received from Rajaratnam's brother, Ragakanthan, via Rajaratnam and Gupta. Ragakanthan Rajaratnam was identified as a co-conspirator in the case, but has not been charged.