2009s-top-10-financial-

2009s-top-10-financial- - 2009's top 10 financial scandals...

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2009's top 10 financial scandals Last updated 08:41 31/12/2009 The year of the Ponzi scheme will be followed by heightened regulation and more aggressive prosecutions, experts say. As 2010 approaches, regulators and prosecutors are scrambling to uncover and pursue more fraudsters, while lawmakers seek to close regulatory gaps and give officials more resources. Here is a summary of 10 of 2009's notorious financial scandals: MADOFF: The top headline-grabbing financial scandal in 2009 was Bernard Madoff's breathtaking $65 billion Ponzi scheme. While the fraud came to light in 2008, Madoff was sentenced to 150 years in prison in June. U.S. District Judge Denny Chin described Madoff's crimes as "extraordinarily evil" and said that Madoff's was "not merely a bloodless crime that takes place on paper but one that takes a staggering human toll." GALLEON & RAJARATNAM: Sri Lankan-born billionaire Raj Rajaratnam was the most prominent of some 20 individuals to face charges in the biggest U.S. hedge fund insider trading case on record. A grand jury accused the Galleon hedge fund founder of using a network of company insiders to tip him off to information that netted $20 million in illegal profits between 2006 and 2009. Rajaratnam pleaded not guilty to the
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