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Rengan Rajaratnam cleared, U.S. insider trading streak snapped
Source: Reuters
Rengan Rajaratnam cleared, U.S. insider trading streak snapped
BY NATE RAYMOND AND JOSEPH AX
NEW YORK Tue Jul 8, 2014 6:11pm EDT
(Reuters) - Rengan Rajaratnam, the younger brother of convicted Galleon Group founder Raj Rajaratnam, was cleared on Tuesday of conspiring to engage in insider trading while at the hedge fund, ending a five-year winning streak by U.S. prosecutors.
After deliberating for less than four hours, a federal jury in New York found Rengan Rajaratnam, a former portfolio manager at Galleon, not guilty of the one conspiracy count he faced following the mid-trial dismissal by a judge of two more serious fraud charges.
Rajaratnam, 43, who was living in Brazil at the time of his indictment, hugged his lawyers after the jurors were dismissed.
"You can go back to Brazil for the finals," U.S. District Judge Naomi Reice Buchwald said, referring to the World Cup.
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BY NATE RAYMOND AND JOSEPH AX
NEW YORK Tue Jul 8, 2014 6:11pm EDT
(Reuters) - Rengan Rajaratnam, the younger brother of convicted Galleon Group founder Raj Rajaratnam, was cleared on Tuesday of conspiring to engage in insider trading while at the hedge fund, ending a five-year winning streak by U.S. prosecutors.
After deliberating for less than four hours, a federal jury in New York found Rengan Rajaratnam, a former portfolio manager at Galleon, not guilty of the one conspiracy count he faced following the mid-trial dismissal by a judge of two more serious fraud charges.
Rajaratnam, 43, who was living in Brazil at the time of his indictment, hugged his lawyers after the jurors were dismissed.
"You can go back to Brazil for the finals," U.S. District Judge Naomi Reice Buchwald said, referring to the World Cup.
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Read more: http://www.reuters.com/article/2014/07/08/us-usa-insidertrading-rajaratnam-idUSKBN0FD1QU20140708