Danielle Chiesi, a former beauty queen who became a hedge fund trader, was sentenced to 30 months in prison for her role in a multi-million-dollar insider trading scheme. Chiesi, who once said insider trading was "like an orgasm," will also have to serve two years of supervised release and 250 hours of community service, plus pay a $25,000 fine. It was under the recommended 37-to-47-month sentence from prosecutors, so maybe that's why she was smiling outside court.
Chiesi was part of the insider trading ring that included Galleon Group founder Raj Rajaratnam, who was convicted in May . Chiesi was overheard on a taped call saying "I'm dead if this leaks I really am... and my career is over. I'll be like Martha f---ing Stewart," and eventually pleaded guilty at the beginning of the year. In court yesterday, she said, "I know that there is a punishment for breaking the law, but it won’t happen again."
U.S. Attorney Preet Bharara said, "For Danielle Chiesi, cultivating corporate insiders to gain an illegal trading edge was the ultimate elixir. She was the vital artery through which inside information flowed between captains of industry and billionaire hedge fund managers, and she reveled in the conquest. She will now pay a steep price for repeatedly flouting the law and cheating ordinary investors in the process."