Aug 11, 2011 (LBO) – Lawyers for Raj Rajaratnam, a Sri Lanka born fund manager convicted of insider trading, said he should be dealt leniently because of his failing health, the state exaggerated his crimes and his good deeds. US prosecutors had demand a maximum sentence of 24.5 years and described him as the ‘modern face’ of insider trading, reports said.
Lawyers said the sentence was too long for person who hundreds of letters had described as being kind and generous.
They also said that unlike other ‘ponzi’ scheme operators he had returned all investors’ money. He had also donated more than 45 million dollars to US and foreign charities including more than 5 million dollars spent in Sri Lanka on tsunami affected people.