A New York judge has sentenced a lawyer to three years in prison for his role in an insider trading scheme that involved tips from two lawyers to hedge fund traders.
Judge Richard Sullivan also ordered Jason Goldfarb to pay a $32,500 fine, representing the amount of money Goldfarb was paid for his role in the scheme.
Goldfarb will also have to forfeit more than $1 million, the amount of profits traders made with illegal tips that Goldfarb helped to arrange.
Goldfarb was arrested in 2009 in a case that prosecutors said represented the biggest hedge fund insider-trading probe in history.
The probe included the prosecution of Galleon Group founder Raj Rajaratnam (rahj rah-juh-RUHT’-nuhm). The Sri Lanka-born one-time billionaire was convicted and is awaiting sentencing.