Galleon trader gets five years

A FORMER trader at the Galleon Group hedge fund was sentenced yesterday to five-and-a-half years in prison, a term the judge said should serve as a warning to Wall Street that insider trading was a serious crime.

Craig Drimal, 55, who pleaded guilty in April, was arrested as part of a sweeping government crackdown on insider trading. He has also been ordered to forfeit $11m (£6.77m).

Judge Richard Sullivan said he would impose a more severe prison term than Drimal’s defence team had requested to put the financial industry on notice.