NY Jury Acquits Ex-hedge Fund Founder’s Brother
The brother of an imprisoned ex-billionaire hedge fund founder has been acquitted of conspiracy. A New York jury returned the verdict Tuesday at the federal insider trading trial of Rengan Rajaratnam. His brother, Raj Rajaratnam, is the founder of the Galleon Group of hedge funds. He’s serving an 11-year sentence for making up to $75 million illegally. Two dozen other defendants have pleaded guilty or were convicted in the case.
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