Hedge fund giant James Simons and his wife Marilyn are donating $150 million – the school’s largest gift since the couple donated $60 million in 2008.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan did not indicate at Wednesday’s hearing which way it was leaning in the question over Raj Rajaratnam’s freedom.
The Galleon Group founder also was fined $10 million. U.S. District Judge Richard J. Holwell announced the sentence after concluding that Rajaratnam made well over $50 million in profits from his illegal trades.
If federal prosecutors have their way, Rajaratnam will get between 19 1/2 and 24 1/2 years in prison for what they say were more than $72 million in profits for himself and his Galleon Group of hedge funds.
Judge Richard Holwell said he wanted to send a warning to Wall Street; but he still gave Chiesi less than the 3 to 4 years that prosecutors had sought.
Hedge fund manager Danielle Chiesi will be sentenced next week after pleading guilty in what prosecutors have said was the biggest hedge fund insider trading probe in history.
Three stock traders have been convicted in the second federal trial stemming from a massive probe of insider trading at hedge funds.
Don Chu entered the plea in federal court in Manhattan. He is among 13 people charged so far in a probe of those in the securities industry who give out inside information instead of legitimate research.
The arguments were expected to last all day Wednesday. They’ll include the replaying of some of the hundreds of taped phone conversations made by the government.
The jury that returned a guilty verdict to all charges against a one-time billionaire hedge fund founder proved to have a voracious appetite for the audiotapes of him talking to fellow traders and friends at public companies about stocks he wanted to trade.
A former Wall Street titan was convicted Wednesday of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on blockbuster trades in technology and other stocks.
The judge let jurors leave early on Friday. It was their fifth day of weighing the fate of the hedge fund manager.
A jury has begun deliberating at the trial of a hedge fund founder accused of making tens of millions of dollars through insider trading.
One-time billionaire Raj Rajaratnam listened quietly as prosecutors have labeled him a Wall Street cheater. His own lawyers insist he acted honorably. A jury will be left to decide who’s right.
A Wall Street hedge fund manager bragged in a 2008 conference call about making a massive illegal trade only moments before the market closed, according to prosecutors.
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