US prosecutors want maximum prison sentence for Rajaratnam

New York, Aug 10 (PTI) Seeking maximum prison term for
Raj Rajaratnam, the hedge fund manager convicted of running
America's biggest insider trading scam, US prosecutors have
recommended that he should be sentenced to as many as 24 and a
half years for his "extensive criminal activities".
Federal prosecutors yesterday filed a 56-page
'Government's Sentencing Memorandum' recommending a "very
substantial term of imprisonment proportionate to the historic
nature of his crime."
Separately, the defence submitted its own 79-page memo
asking for a lenient prison term "substantially below" the
recommended guidelines saying a lengthy prison term would
"seriously threaten his well-being" and would be "a death
sentence."
The defence memo also referred to Rajaratnam's health
problems, describing them as "a unique constellation of
ailments ravaging his body."
Federal prosecutors termed Sri Lanka-born Rajaratnam, 54,
as the "modern face of illegal insider trading" saying "he is
arguably the most egregious violator of the laws against
insider trading ever to be caught."
Their memo said the court should impose the maximum
sentence of 235 to 293 months established for his crime under
nonbinding sentencing guidelines, a ruling that will "deter
others in the hedge fund and money management world from
engaging in a crime that is far too rampant."
The memo was submitted to Judge Richard Holwell, who is
scheduled to sentence Rajaratnam on September 27. (more) PTI
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