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Brother of hedge fund founder indicted in NYC

AP – The brother of a jailed one-time billionaire hedge fund boss has been charged with conspiring with his brother to cheat on Wall Street and earn nearly $1.2 million illegally, federal authorities announced Thursday.

Rengan Rajaratnam, 42, of Manhattan, was charged in an indictment returned Wednesday and unsealed a day later with conspiracy to commit securities fraud and six counts of securities fraud. He was not immediately arrested. His brother, Raj Rajaratnam, is serving an 11-year prison sentence after he was convicted in 2011 of earning up to $75 million by swapping secrets about public companies with other hedge fund managers and friends at public companies.

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