updated 12/15/2009 5:31:26 PM ET 2009-12-15T22:31:26

A wealthy hedge fund manager has been indicted in a massive insider trading case.

The indictment filed Tuesday in Manhattan federal court charged billionaire Raj Rajaratnam and another defendant with multiple counts of conspiracy to commit securities fraud.

The Sri Lanka-born Rajaratnam was arrested in October. A total of 20 people have been charged in the $52 million insider trading case.

Rajaratnam remains free on $100 million bail. His lawyer didn't immediately comment.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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