Friday, 26 December 2014
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.