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Insider trading accused gets lenient term
Source: Agencies |
September 26, 2012, Wednesday
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A FORMER Intel Corp executive who fed confidential information to a billionaire hedge fund founder accused in a massive insider trading case earned leniency on Monday at his own sentencing.
Rajiv Goel, who gave information about the computer chipmaker to hedge fund founder and former schoolmate Raj Rajaratnam, apologized and said he was "deeply ashamed." He was sentenced by US District Judge Barbara Jones to two years of probation, was fined US$10,000 and was ordered to forfeit US$266,000.
Goel, 54, had faced up to 25 years in prison. He said: "I had a serious lapse of judgment and good sense."
Goel, of Los Altos, California, was a director of strategic investments at Intel's investment arm, Intel Capital, until he left in 2009. He admitted supplying secret details about Intel's investments to Rajaratnam, who is serving an 11-year prison sentence after he was convicted of securities fraud charges for making insider trades that the government claimed earned him US$75 million illegally.
Prosecutors had called the case against Rajaratnam the biggest insider trading probe in history.
It resulted in the convictions of over two dozen people and led to a spinoff probe of Wall Street researchers who enabled corrupt public company employees to pass along inside information as legitimate research to hedge fund managers.
The investigation also made unprecedented use of wiretaps, allowing jurors at Rajaratnam's trial to hear dozens of taped conversations between him and co-conspirators.
Rajiv Goel, who gave information about the computer chipmaker to hedge fund founder and former schoolmate Raj Rajaratnam, apologized and said he was "deeply ashamed." He was sentenced by US District Judge Barbara Jones to two years of probation, was fined US$10,000 and was ordered to forfeit US$266,000.
Goel, 54, had faced up to 25 years in prison. He said: "I had a serious lapse of judgment and good sense."
Goel, of Los Altos, California, was a director of strategic investments at Intel's investment arm, Intel Capital, until he left in 2009. He admitted supplying secret details about Intel's investments to Rajaratnam, who is serving an 11-year prison sentence after he was convicted of securities fraud charges for making insider trades that the government claimed earned him US$75 million illegally.
Prosecutors had called the case against Rajaratnam the biggest insider trading probe in history.
It resulted in the convictions of over two dozen people and led to a spinoff probe of Wall Street researchers who enabled corrupt public company employees to pass along inside information as legitimate research to hedge fund managers.
The investigation also made unprecedented use of wiretaps, allowing jurors at Rajaratnam's trial to hear dozens of taped conversations between him and co-conspirators.
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