Galleon Group Insider Scandal Yields an Average 3-Year Term for Defendants

Prosecutors say Rajaratnam, who was convicted in May, should serve as long as 24 1/2 years in prison, calling him the “modern face of insider trading.” Last month, judges in Manhattan sentenced two other convicted insider traders -- Zvi Goffer and Winifred Jiau -- to prison terms of 10 years and four years, respectively. Emanuel Goffer, Zvi’s brother, got a three- year sentence Oct. 7.

Since Rajaratnam’s arrest in October 2009, judges in Manhattan federal court have sentenced 13 defendants in cases linked to Galleon. All but two pleaded guilty. The average prison term has been 35.8 months, or almost three years behind bars.