MANHATTAN (CN) – Adam Smith, a former portfolio manager for convicted securities crook Raj Rajatnaram’s Galleon Group, was sentenced Tuesday to 2 years of probation and ordered to cough up $105,000, federal prosecutors said.
Smith pleaded guilty in January 2011 to conspiring to commit securities fraud and securities fraud, the U.S. Attorney’s Office said.
Smith provided material, nonpublic information obtained from an investment banker at a financial institution and from other public company employees to Rajaratnam, prosecutors said. Both Smith and Rajaratnam traded on the inside information.
Smith, 40, of New York City, was ordered to forfeit $105,300 and pay a $15,000 fine.