Rengan Rajaratnam Cleared of Conspiracy in First Loss for U.S.
By Patricia Hurtado Jul 8, 2014 2:39 PM ET -
Rengan Rajaratnam, the brother of Galleon Group LLC co-founder Raj Rajaratnam, became the first of at least 88 people charged in a federal crackdown on insider trading to escape conviction.
A federal jury in New York after little more than three hours of deliberations today cleared Rengan Rajaratnam of scheming with his older brother to commit insider trading in 2008.
It’s the only trial loss for the government in the crackdown on insider trading at hedge funds by Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation. Of those charged since 2009, at least 81 had been convicted, most after guilty pleas. Rengan Rajaratnam was one of at least 10 people whose cases went to trial.
To contact the reporter on this story: Patricia Hurtado in Federal Court in Manhattan at
pathurtado@bloomberg.net
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