Bharara On Rajaratnam Sentencing: No ‘Free Pass To Pursue Profit Through Corrupt Means’

During the Rajaratnam sentencing earlier today, Judge Holwell said that insider trading “is an assault on our free markets,” and that “the crimes and scope of the crimes [committed by Rajaratnam] reflect a virus in our business culture that needs to be eradicated.” Manhattan U.S. Attorney Preet Bharara also has some interesting thoughts on Rajaratnam’s 11 year prison sentence: 

 “Two years ago, Raj Rajaratnam stood at the summit of Wall Street, commanding his own financial empire. Then he was arrested, tried, and convicted by a jury. Mr. Rajaratnam stood convicted 14 times over of felonies, his empire exposed as a web of fraud and corruption that entangled many. Today, Mr. Rajaratnam stood once more and faced justice which was meted out to him. It is a sad conclusion to what once seemed to be a glittering story. We can only hope that this case will be the wake-up call we said it should be when Mr. Rajaratnam was arrested. Privileged professionals do not get a free pass to pursue profit through corrupt means. The message is the same for everyone no matter who you are or how much money you have—obey the law or face the fate of those who don’t.”