The brother of an imprisoned ex-billionaire hedge fund founder has been acquitted of conspiracy. A New York jury returned the verdict Tuesday at the federal insider-trading trial of Rengan Rajaratnam. His brother, Raj Rajaratnam, the founder of the Galleon Group of hedge funds, is serving an 11-year sentence for making up to $75 million illegally. Two dozen other defendants have pleaded guilty or were convicted in the case. Federal Judge Naomi Reice Buchwald had dismissed the two most serious charges in May. After he was charged in the case last year, Rengan Rajaratnam came to the United States from Brazil, where he had been living. The case is part of a broad crackdown on insider-trading by Manhattan U.S. Attorney Preet Bharara's office.
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- CNBC and The Associated Press