Sunday, 24 July 2016
Last updated 1 day 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.