Hedge Fund News From HedgeCo.Net


Government Shutdown: Rengan Rajaratnam Hedge Fund Insider Trading Case Delayed

goldman-the-government-shutdown-may-continue-even-after-congress-raises-the-debt-ceilingNew York (HedgeCo.Net) – The insider-trading lawsuit against Rengan Rajaratnam has been delayed due to the ongoing federal government shutdown. Rengan is the younger brother of the now imprisoned hedge fund billionaire Raj Rajaratnam.

Bloomberg reports that the case has been delayed because “Prosecutors in the Rajaratnam case have been unable to access certain evidence held electronically at U.S. Department of Justice facilities in Virginia.”

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 Raj, 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
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!

 

Related Posts Plugin for WordPress, Blogger...
This entry was posted in Hedge Fund Fraud, HedgeCo News. Bookmark the permalink.

Leave a Reply