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FBN's Ashley Webster with news that Raj Rajaratnam has been sentenced to 11 years in prison for insider trading, significantly less time than what pro...
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Out by 130 and we got breaking news on Ross -- -- on the convicted insider trader former hedge fund manager.
Sentenced to eleven years in prison eleven years -- significantly less than what He could have gotten.
Again you -- Jeff Skilling for example serving 24 years in prison.
You have Bernie Ebbers serving roughly 25.
Years -- -- -- -- sentenced to eleven years imprisonment -- Ashley Webster is in lower Manhattan.
Do we have actually standing by.
At all actually what do you know what are you hearing eleven years.
Was a -- well -- would not.
Yeah we're trying to confirmed this taken because we also -- that give we are confirming it right now we are eleven years well -- -- it this way it's a lot less than what to prosecutors wanted.
They wanted anywhere from nineteen and a half to 24 and a half He is so.
Not close to that the defense had argued six and a half to nine years would be more fair and they claimed it was a victimless crime.
No one lost any money yes He was buying information and trading on that information.
But eleven years that's not close to perhaps someone I was just going through some of the other sentences -- in the possibly Jeffrey Skilling of Enron.
He got 24 years Michael Milken the so called king of junk bonds.
He was -- sentenced to ten years so.
That's certainly not the biggest or harshest sentence side was a huge case for the prosecution and the -- Final blow -- number of eleven years may not satisfy prosecutors.
And we're gonna wait and see whether there's going to be an appeal of this because of Charlie Gasparino is saying.
There is a a sense that so the wiretaps used in this the world allow by the judge will be challenged and -- -- Goes ahead He could end up I say He could end up.
Not being having to go to jail at all but as it stands at eleven years is the sentence.
He made according to prosecutors some 72 million dollars from this inside information defense parts defense attendees saying.
Was closer to seven million dollars but as we -- -- eleven years considerably less about the prosecution had -- for somewhere between nineteen and a half and 24 and a half He is guys.
And by the way.
I guess have more recent comparison in terms of insider trading convictions would be Sam Waksal.
Of and Klein He got I think a little more than seven years seven years in three months He did spent about five years in prison so that's more in the ballpark given.
The type of crown that rock -- on uncommitted.
That is true that also a ten million dollar fine we are now hearing from the courtroom.
Also the defense may bring up health issues they said He has significant health issues as -- -- coming to the court today couple of hours ago now.
He certainly looks thinner than He did before they've also -- Told us that He is diabetic and of course during the course of his trial.
He was so taken to hospital with a foot infection.
They were trying to use this as a -- for leniency in his sentencing.
Not sure whether that had any impact at all but we are now waiting to see whether.
Whether it is likely that the sentence even though less the prosecutors wanted may be appealed by the defense attorneys.
A lot more from Ashley Webster alarm and had not what may be seen as a surprisingly lenient sentence for Raj Rajaratnam as the details from the courtroom -- eleven years it's still one of the longest for insider trading insider trading cases usually don't get how much time in prison -- More on this is like members in skilling that was that was fraud that was a different product rating entirely different very good point and -- -- I was.
