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Brother of Galleon Hedge Fund Founder Pleads Not Guilty

MI-BU919A_RENGA_D_20130325164553New York (HedgeCo.Net) – Rengan Rajaratnam has pleaded not guilty in NY court to charges of conspiring in an insider trading scheme to illegally earn nearly 1.2 million. He has been charged with conspiring with his older brother, the imprisoned hedge fund manager Raj Rajaratnam, to cheat on Wall Street and earn nearly $1.2 million illegally.

Rengan voluntarily surrendered, his lawyer said, flying in from Brazil the day before the hearing. He was released on $1 million bail after Monday’s court appearance.

Rengan was also a portfolio manager at the hedge fund Galleon Group, and the trades for which he was charged resulted in nearly 1.2 million dollars of illegal profit, according to prosecutors. The defendant was charged with six counts of securities fraud and one count of conspiracy, and faces up to 20 years in prison on each of the fraud counts.

Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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One Response to Brother of Galleon Hedge Fund Founder Pleads Not Guilty

  1. TimmyJ says:

    He’ll need some good attorneys and good friends to help him get out of this one, though if someone wins their appeal this whole thing falls apart for the Feds

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