Hedge founder gets 11 years in insider trade probe

Raj Rajaratnam, billionaire co- founder of Galleon Group, enters Manhattan federal court, Wednesday, May 11, 2011, in New York. Rajaratnam faces insider trading and conspiracy charges. (AP Photo/Louis Lanzano)

October 14, 2011 5:46:44 AM PDT
A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced Thursday to 11 years in prison, the longest insider trading sentence ever but far short of the two decades sought by prosecutors.