Rajaratnam Brother's Case Delayed Due To Shutdown

Oct 11 2013 | 10:38am ET

The U.S. government shutdown has put the brakes on the case against Galleon Group founder Raj Rajaratnam's brother.

Rengan Rajaratnam was charged with insider-trading in March, accused of illegally trading two technology stocks while working at Galleon. He has pleaded not guilty, although in May prosecutors asked the judge overseeing the case for more time "to facilitate plea discussions."

But the now 11-day old shutdown is keeping them from the evidence prosecutors need: With the Department of Justice having furloughed all non-essential staff members, they do not currently have access to evidence held electronically at Justice facilities in Virginia, Bloomberg News reports.

Rengan Rajartnam returned to the U.S. from his home in Brazil to face the charges. He is currently free on $1 million bail.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of