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

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...