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NEW YORK, October 9, 2011 (AFP) - Raj Rajaratnam, convicted in the biggest US insider trading case for years, faces a sentence of up to 24 years prison next week at the close of a case seen as making an example of the hedge fund tycoon.
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The sentencing hearing on October 13 before federal Judge Richard Holwell in New York will be closely watched for the message it sends to Wall Street.

Sri Lankan-born Rajaratnam, 54, was convicted in May on 14 counts of conspiracy and securities fraud related to his use of illegal insider tips for an edge on multi-million dollar stock market trades.

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The trial grabbed attention because it exposed deeply hidden corruption on Wall Street and also because of the ruthlessness of prosecutors who took the unusual step for a white collar probe of using telephone wiretaps to gather evidence.

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According to prosecutors, the brilliant founder of the Galleon Group hedge fund netted about $72 million on the basis of those tips, which included deals on shares in Goldman Sachs, Intel Corp, and Google Inc. In final pre-sentencing arguments on Tuesday, prosecutors demanded Rajaratnam be sentenced to as much as 293 months, or about 24-1/2 years, in prison, and a minimum of 19.

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5 years.

They told Holwell th

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