Arab Today, arab today rajaratnam\s brother charged in wall st insider case
Last Updated : GMT 20:43:47
Arab Today, arab today
Arab Today, arab today

Rajaratnam\'s brother charged in Wall St insider case

Arab Today, arab today

Arab Today, arab today Rajaratnam\'s brother charged in Wall St insider case

New York - AFP

US prosecutors unveiled insider trading charges 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 $1.2 million 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 $3 million 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 $7 billion 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 charged in wall st insider case Arab Today, arab today rajaratnam\s brother charged in wall st insider case

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Tabarka beauty between sea, mountain

GMT 06:37 2017 Wednesday ,01 March

Tabarka beauty between sea, mountain
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 report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
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 Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
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