Rajaratnam may be handed longest prison term

September 21, 2011 01:25 am

Lankan born Raj Rajaratnam may get the longest prison term ever for the crime of insider trading. He would become the first person to get a 24 years prison term if the Federal District Court in Manhattan issues a sentence on September 27 the New York Times reported.

The US government want Rajaratnam’s prison term to be increased from 19 years to 24 years based on federal sentencing guidelines. The government meanwhile stated that Rajaratnam does not deserve leniency because he was a “fundamentally deceptive and dishonest person” who had lied under oath in a deposition and had tried to cover up his crimes.

However, according to the news reports Rajaratnam’s lawyers call the proposed sentence “grotesquely severe”.

Earlier the longest sentencing of10 years was handed to a credit Suisse Banker convicted in 2008 of leading a US $ 7.8 million scheme.

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