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: Breaking Legal NewsGalleon insider case results in 18-month sentence
By (Breaking Legal News)
A former vice president of California chipmaker Atheros Communications has been sentenced to 18 months in prison after pleading guilty in the biggest hedge fund insider trading case in history.
Federal Judge Richard Holwell announced the sentence Monday in New York after Ali Hariri declined to speak on his own behalf. The sentence was less than the two-year term recommended by sentencing guidelines.
Hariri pleaded guilty to securities fraud and conspiracy to commit securities fraud earlier this year. He was among more than 20 people arrested in the Galleon Group hedge fund case. Prosecutors have said the scam generated more than $50 million in profits. The San Francisco resident admitted feeding inside information about the wireless communications company where he worked to a friend employed at a hedge fund.
Full post as published by Breaking Legal News on November 08, 2010 (boomark / email).
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