US insider trader jailed for 11 years

A former billionaire who was the primary target of what prosecutors called the biggest hedge fund insider trading case in US history has been sentenced to 11 years in prison.

Galleon Group founder Raj Rajaratnam also was fined $10m (€7.3m). US District Judge Richard J Holwell announced the sentence after concluding that Rajaratnam made well over $50m (€36.4m) in profits from his illegal trades.