Galleon Official Is Spared Prison – NYTimes.com

Galleon Official Is Spared Prison – NYTimes.com.

nader nazemi

Raj Rajaratnam

This should just be the beginning and there should be more convictions coming up. Wall Street has been running wild with crazy money schemes and fraud for a long time now. There should be a concerted effort to clean up house, although, the truth is that Wall Street is in cahoots with the feds and through the feds revolving door nothing will ever be sorted out. In the end it is the tax payer bailing out the Mega-Banks.

Adam Smith, a former portfolio manager at the Galleon Group hedge fund who provided the government with crucial assistance in prosecuting his onetime boss, Raj Rajaratnam, avoided prison on Tuesday when a judge sentenced him to two years’ probation.

Judge Jed S. Rakoff, who sentenced Mr. Smith in Federal District Court in Manhattan, said he spared Mr. Smith because of his “very substantial” aid to prosecutors. He added that cooperation in insider trading cases should be rewarded because the crime, in many instances, can be so difficult to detect.
“He has done everything one could reasonably ask to make amends,” Judge Rakoff said.
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