Thursday, 21 August 2014
Last updated 13 hours ago
Mar 25 2013 | 2:38pm ET
Raj Rajaratnam's brother pleaded not guilty to insider-trading charges today after returning to the U.S. from Brazil.
Rajarengan Rajaratnam, known as Rengan, entered his plea in Manhattan federal court to seven conspiracy and securities fraud charges. He was expected to be released on $1 million bond, having surrendered his passport.
The younger Rajaratnam was indicted last week for his role in his brother's fraud, nearly two years after Raj was convicted and sentenced to 11 years in prison, and as the statute of limitations deadline for some charges rapidly approached. He turned himself in to the Federal Bureau of Investigation in Brazil, where he's lived and worked for the past year, and returned to New York yesterday morning.
"After reading about his indictment, Mr. Rajaratnam immediately volunteered to return from Brazil, where he has been living and working for the past year, in order to defend himself," Rengan's lawyers said. They added that he sought to return to the U.S. as quickly as possible but was unable to fly until Saturday night.
"Mr. Rajaratnam literally dropped everything in his life in Brazil," Vinoo Varghese, one of his lawyers, said.
Rajaratnam faces more than 100 years in prison if convicted.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note