New York (HedgeCo.Net) In the latest Galleon hedge fund indictment, Rajiv Goel, a former Intel Corp. executive, received leniency after apologizing saying he was “deeply ashamed….. I had a serious lapse of judgment and good sense.” The US federal court in New York on Monday sentenced him to two years of probation, a fine of $10,000 and ordered him to forfeit $266,000.
Rajiv testified against a billionaire hedge fund founder and former schoolmate Raj Rajaratnam, who was found guilty on 14 counts of conspiracy and securities fraud in May 2011. Rajaratnam is currently serving an 11-year prison sentence for making insider trades that were alleged to have earned him $75 million illegally.
A panel of three judge from the federal appeals court is scheduled to hear arguments on October 10th from the hedge fund founder in a bid to overturn his insider trading conviction.
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