Rajaratnam faces 24-yr stint in jail

Separately,the defence submitted its own 79-page memo asking for a lenient prison term 8220;substantially below8221; the recommended guidelines saying a lengthy prison term would 8220;seriously threaten his well-being8221; and would be 8220;a death sentence.8221;

The defence memo also referred to Rajaratnam8217;s health problems,describing them as 8220;a unique constellation of ailments ravaging his body.8221;

Federal prosecutors termed Sri Lanka-born Rajaratnam,54,as the 8220;modern face of illegal insider trading8221; saying 8220;he is arguably the most egregious violator of the laws against insider trading ever to be caught.8221;

Their memo said the court should impose the maximum sentence of 235 to 293 months established for his crime under nonbinding sentencing guidelines,a ruling that will 8220;deter others in the hedge fund and money management world from engaging in a crime that is far too rampant.8221;

The memo was submitted to Judge Richard Holwell,who is scheduled to sentence Rajaratnam on September 27.

Rajaratnam8217;s lawyers argue that he should get a lenient sentence because he was 8220;already keenly aware that the consequences of insider trading can include the destruction of one8217;s business and reputation,exposure to scorn and public obloquy and the complete loss of personal dignity and privacy to government surveillance and the media8217;s microscope.8221;

However,the government countered saying Rajaratnam reaped at least 64 million in illegal profits from insider trading.

Prosecutors said the sentence was appropriate because Rajaratnam8217;s 8216;criminal conduct was brazen,arrogant,harmful and pervasive8217;. 8220;Such a sentence is necessary to punish Rajaratnam for his extensive criminal activities,and to send a clear and unambiguous message to hedge funds and money managers that insider trading will not be tolerated,8221; said Jonathan Streeter,an assistant United States attorney,in the memo.

Rajaratnam8217;s lawyers,on their part,said their client had been portrayed 8220;as the poster child for every wrongful act that has ever been associated with Wall Street.8221;

8220;Rajaratnam understands that he has been convicted of serious offenses. But the evidence at trial showed that Rajaratnam was not the 8216;mastermind8217; of an insider-trading network,as the government and the press have painted him,8221; Rajaratnam8217;s lawyer John Dowd said.

8220;The Raj Rajaratnam who emerges from the evidence before the court 8212; including the hundreds of letters submitted on his behalf 8212; bears scant resemblance to the greedy criminal kingpin the government attempts to portray.8221;

Dowd added that 8220;with the sole,and significant,exception of his criminal conviction in this case,the evidence shows that Rajaratnam lived a life that was not just blameless,but exemplary.8221;

The memo highlighted Rajaratnam8217;s 45 million dollars worth philanthropic gifts.

While the defence8217;s memo argues that Rajaratnam8217;s crimes did not harm anybody,the government8217;s memo states Rajaratnam 8220;corrupted8221; old friends,subordinates and markets.

8220;Day after day,month after month,year after year,Rajaratnam operated a billion-dollar force of deception and corruption on Wall Street.8221;

Rajaratnam was convicted in May on 14 criminal counts of conspiracy and securities fraud.