In the largest illegal stock-tipping case in a generation, and the first pure insider trading case in which the prosecution introduced wiretapped telephone conversations, Galleon hedge fund co-founder Raj Rajaratnam was found guilty on 5 counts of conspiracy and 9 counts of securities fraud. See “Rajaratnam guilty on all counts in insider trading case,” (InvestmentNews, May 11, 2011). The maximum prison sentence for securities fraud is 20 years, and for conspiracy is 5 years.