Fat Billionaire to Go to Billionaire Jail

Hedge fund owner Raj Rajaratnam was convicted this morning on 14 counts of insider trading, on account of the hours and hours of secretly recorded phone conversations federal prosecutors had of him saying stuff like, "Hey, let's do some insider trading!"

Rajaratnam, whose Galleon Group hedge fund topped out at $7 billion and traded heavily with Goldman Sachs and J.P. Morgan, was singularly responsible for the fraudulent investment practices that led to the mortgage crisis and Wall Street bailouts, and his conviction marks the culmination of the U.S. government's years-long effort to hold those responsible criminally accountable just some rich guy who got caught doing something that's always been illegal. One billionaire down, 1,209 to go!

He'll be sentenced in July, and faces more than 19 years in prison.

[Photo via Getty Images]