New York (dow Jones)--lachish shah, south, and, in the history of the United States the largest insider trading case, center of hedge funds 0.1 billion rich, Thursday was sentenced to 11 years in jail-the severe punishment handed over to the crime.
"His crimes and his crimes scope, and reflects the cultural needs of our business, thoroughly eradication, U.S. district judge Richard j. Holwell said." "Simple justice needs a long sentences."
54 years old sailing boat group hedge fund founder was also fined $100000 and ordered the confiscated the judge say enterprise confidential information of illegal trading profits of $5.38 billion dollars.
Prosecutors said, pull of training he provoked south provides such things as merger and earnings announcement early in different companies and word investment company of friends, former classmates and other premiership network as high as 7.5 billion. In return, they received kickbacks or have the chance to get in on the action.
He benefited from company Google, IBM, between the Hilton Hotel, Intel, superfine and Goldman sachs.
The sentencing of the last major behavior, in a series of prosecution, the shah, pull the south was arrested, and then in 2009, the same year he was named the world's richest 0.1 billion millionaire "Forbes" magazine between the no. 559 and $1.3 billion, go. In a survey of more than 20 people were arrested, nickname, all are completely hedge been convicted.
Scandal-with the 2008 financial crisis and Wall Street abuse it exposed in the United States-the populist anger adds fuel to the fire and complaints, the stock market is a chuck game, the industry was manipulated.
The judge called it the ", our democratic society's basic elements of the free market, the attack might not easy identification of the victims, but fair competitive environment, the integrity of the level of the market is questioned and public affected."
In his sentencing when asked if he would like to speak, pull provoked le south answered: "no, thank you, your honor."
Sri Lanka was born, and the south were ordered, Elijah designated prison report is still on November 28. Until then, he must remain only for his $10 million Manhattan apartment. His lawyer asked he sent horses for his Cardiff is 150 years in prison in north Carolina, the federal prison medical facilities. He has the advanced diabetes, need to accept kidney transplants, according to the judge.
The former a insider trading case up for 10 years, the first two times, a recent is the last month, south of his co-defendants, make one. But south of punishment, and provoked the 24 ? years far short prosecutors have requirements.
Federal prosecutors, said the block reed's, insider trading "makes a mockery of the principles, not a player has an unfair advantage, by stealing." He said, pull, the damage of the south made of at least 20 an expert and of the industry, and at least 19 a public company, his victims of the crime.
"Today you words are illegal insider trading modern face," Bates block and told the judge. "He is undoubtedly the most shocking insider traders, facing the decision of the court in the United States."
Prosecutors said, insider trading-smart, a education people-" rampant ", because of the commitment incentive than ever higher and testing is very difficult.
The judge said, pull, but some worthy provoke south processing, and they point out that in helping the homeless and the September 11, and victims of natural disasters, and his poor health and his charity work.
Shah, the south and pull lawyer for netmovie argued for 6 years old and a half to nine years. Defense lawyer asked the judge terence Lynam shows, because of the disease, make the sympathy of the south, said: "he is not worth to die in jail"
Sailing is the world's largest hedge funds before it, one of the south's arrest, Elijah and collapsed after, as well as to him and his close associates of the most paid close attention to the insider trading Ivan "jankulovski and Michael milken will case in the 1980 s one of the scandal.
"The stock, speculators, and pleaded guilty in prison for two years. , known as the king of junk bonds milken will securities illegal behavior confessed, in 1989, served as 22 months, and pay a $2 million fine.
And caleb probe on south provoked relying heavily on the most widely used eavesdropping on white collar. Prosecutors captured, he and his associates were high spirits to celebrate their own internal information, can hear conversation.
In may, the judge said the procuratorial organs, pull, can convert into 7 provoked south to 1 million plan brief phone conversation profits. For example, they say, a 30 minutes of phone, and Intel insider made $2 million in profits.
Anil KuMaEr, pull jia, in Pennsylvania, south of the prestigious Wharton school of the university students, testified that he at the federal reserve, about KuMaEr customers, internal company bought ATI AMD technology company's information pull jia, pull the south
"KuMaEr said," I told him, this is the "red", should not be discussed. He added that he also warned: "it will be a complete industry...... so the impact of treatment, strict confidence."
Prosecutors said, pull provoked the use of information of the south in the trade deal-AMD ATI, make $200000. Before They say, pull make $1 million reward, south KuMaEr kickbacks.
In addition, pull provoke south of get a illegal after the hint, warren buffett are pumped into the $5 billion in trouble, the investment bank Goldman sachs stock to buy $27 million.
"We can only hope that this situation will awaken, we said it should be,", the federal prosecutors Preet Bharara Thursday said in a statement. "This is a tragic conclusion ever seems to be a shining story... privilege professional didn't get a free pass, through the corruption means, the pursuit of profit."




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