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NYC trader who wore wire in probe gets probation

Cooperator who wore wire in NYC insider trading probe sentenced to probation, fined $500,000 By The Associated Press

NEW YORK (AP) ' A former Wall Street trader who wore a wire in a far-reaching insider trading investigation has been sentenced to three years of probation.

David Slaine also was fined $500,000 during his federal sentencing Friday in Manhattan.

The 52-year-old had pleaded guilty in late 2009 to charges he was part of a $3 million insider trading scheme.

Slaine testified at a trial last year that he cooperated with the FBI for more than two years to try to avoid prison.

The jury heard secret recordings of him trying to coax a corrupt broker into revealing where the broker got illegal tips.

Slaine once worked for Galleon, the hedge fund run by disgraced former billionaire Raj Rajaratnam (RAHJ rah-juh-RUHT'-nuhm). Rajaratnam was sentenced last year to 11 years behind bars.

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