Monday, 30 November 2015
Last updated 2 days ago
May 9 2013 | 11:31am ET
Rengan Rajaratnam can focus exclusively on staying out of a jail, a federal judge ruled, delaying the Securities and Exchange Commission's lawsuit against the brother of Galleon Group founder Raj Rajaratnam.
Rengan faces similar insider-trading charges to those that sent his brother to prison for 11 years, as well as similar civil allegations. Those will not be heard until after Rengan's criminal trial is completed; the SEC agreed to delay its case until at least Nov. 8.
"He's a small guy," Vinoo Varghese, Rengan's lawyer, said. "He's not his brother. All his efforts are focused on the criminal matter."
Prosecutors allege that Rengan earned $1.2 million as part of a conspiracy to trade technology stocks with his brother. Rengan, who formerly worked at SAC Capital Advisors, ran his own hedge fund before joining Galleon in 2006.
Rengan has denied the allegations, and returned to the U.S. from Brazil, where he had been living, to face the charges.
The next hearing in his criminal case will be on June 6.
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…