Arab Today, arab today rajaratnam’s brother in wall street corruption probe
Last Updated : GMT 03:32:11
Arab Today, arab today
Arab Today, arab today

Insider trading inquiry finds $3m in ‘illicit gains’

Rajaratnam’s brother in Wall Street corruption probe

Arab Today, arab today

Arab Today, arab today Rajaratnam’s brother in Wall Street corruption probe

Scandal now surrounds disgraced hedge fund manager’s brother
New York - Arabstoday

Scandal now surrounds disgraced hedge fund manager’s brother US prosecutors unveiled insider trading charges on Thursday against the brother of disgraced hedge fund manager Raj Rajaratnam in the latest chapter of a giant Wall Street fraud investigation. The US Attorney's Office for the Southern District of New York said Rajarengan Rajaratnam was charged with conspiracy and securities fraud related to technology stocks in 2008.
Rajaratnam was a portfolio manager at the Galleon Group hedge fund founded by his high-flying brother, who was arrested after a sprawling probe that included wiretaps on telephones and snared dozens of people. The elder Rajaratnam is currently in the second year of an 11-year prison sentence.
The two Rajaratnams conspired "to trade on the basis of material, non-public information...concerning Clearwire Corp and Advanced Micro Devices, Inc in 2008, earning nearly $1.2m in profits," the prosecutor's office said in a statement.
Rajarengan Rajaratnam has not yet been arrested, prosecutors said, although they would not confirm a New York Times report that he is in Brazil.
He also faces civil charges from the Securities and Exchange Commission (SEC), which said he earned more than $3m in "illicit gains" through both his work at Galleon and a hedge fund advisory firm he founded called Sedna Capital Management.
Raj Rajaratnam, once a star of the hedge fund industry, was convicted on all 14 counts of insider trading while at Galleon, which managed some $7bn in funds.
FBI Assistant Director George Venizelos said: "Rengan Rajaratnam's career arc paralleled his brother's. He followed in Raj's footsteps by obtaining an MBA from a top-flight business school. He went to work for Raj at Galleon. As alleged in the indictment, Rengan also engaged in the same illegal conduct as Raj.”
"He reaped the benefit of insider information obtained by Raj, and he planned to reciprocate by cultivating his own source of inside information. Now, Rengan's career arc has descended to the same place his brother's did less than four years ago: defendant," Venizelos added.
The SEC likewise painted a picture of a close partnership between the siblings, saying "Rengan Rajaratnam profited handsomely from his brother's insider trading activities, and he may have believed he wouldn't have to pay a price for his involvement.”
"But now he is learning the true cost of his participation in the most expansive insider trading scheme ever perpetrated," the US regulator added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rajaratnam’s brother in wall street corruption probe Arab Today, arab today rajaratnam’s brother in wall street corruption probe

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 08:51 2017 Saturday ,25 February

Shaking off dieselgate, VW races back into profit

GMT 08:48 2017 Saturday ,25 February

France's Macron takes on critics over 'vague' programme

GMT 10:10 2017 Friday ,24 February

France's Macron gets boost, but election is wide open

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday