Rengan Rajaratnam, the brother of Galleon Group co-founder Raj Rajaratnam, became the first of at least 88 people charged in a federal crackdown on insider trading to escape conviction.
A U.S. judge on Tuesday dismissed two securities fraud counts against Rengan Rajaratnam, the younger brother of Galleon Group founder Raj Rajaratnam, in a surprise development in the federal criminal insider trading case.
A former driver for Raj Rajaratnam has sued the one-time billionaire, claiming he was fired for complaining about secret wire transfers the founder of the Galleon Group hedge fund made to fellow prisoners following his conviction for insider trading.
The Supreme Court on Monday denied jailed hedge fund manager Raj Rajaratnam’s request to have the appeal of his insider trading conviction heard by the highest court in the U.S.
Rajat Gupta, the former Goldman Sachs director found guilty of insider trading in 2012, asked the U.S. Supreme Court to allow him to remain free on bail so he doesn’t have to report to prison next week.
U.S. prosecutors plan to drop two securities fraud charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, the younger brother of Raj Rajaratnam, who founded the firm and was convicted of insider trading in 2011.
A federal appeals court on Monday refused to disturb the insider trading conviction of Galleon Group hedge fund founder Raj Rajaratnam, one of the most prominent defendants in the U.S. government's wide-ranging probe into insider trading.
Galleon Group co-founder Raj Rajaratnam’s conviction for directing the most extensive insider-trading scheme in U.S. history was upheld by an appeals court, which ruled the government’s use of wiretaps was proper.
Rengan Rajaratnam, 42, who worked as a portfolio manager at the Galleon Group of funds founded by his brother, is accused of illegal insider trading involving the stocks of Intel, Advanced Micro Devices and Clearwire, among others.
The Buy Side, by former Galleon Group trader Turney Duff, portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements.