Monday, 30 November 2015
Last updated 2 hours ago
Mar 25 2013 | 9:18am ET
Galleon Group founder Raj Rajaratnam's younger brother has surrendered to authorities and will appear in court to face insider-trading charges today.
Rajarengan Rajaratnam turned himself in to the Federal Bureau of Investigation in Brazil and was accompanied to New York by agents. He was arrested upon his arrival at John F. Kennedy International Airport yesterday morning.
Rajaratnam had been living and working in Brazil for about a year, his lawyer said, and he returned voluntarily, sparing prosecutors an extradition battle.
Rajaratnam was indicted last week on securities fraud and conspiracy charges, some two years after his brother was convicted of similar charges. The elder Rajaratnam is currently serving an 11-year prison sentence.
The younger Rajaratnam, known as Rengan, is accused of illegally trading two technology stocks while working at Galleon. His brother was convicted of insider-trading of those stocks and others. The Securities and Exchange Commission has also sued Rengan, accusing him of illicit trading in a number of other stocks.
Rengan's lawyer, David Tobin, said his client is innocent.
"Mr. Rajaratnam denies the charges and looks forward to clearing his name," Tobin said. "We are confident that Mr. Rajaratnam will be vindicated upon careful considering of all the evidence."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…