Rajaratnam' ersus brother pleads not guilty to insider charges

Through Bernard Vaughan

NYC (Reuters) – Rengan Rajaratnam has been arrested Sunday at Sara F. Kennedy International Airport within Nyc right after FBI agents escorted him on a flight from Brazil, a spokesperson for the agency stated on Mon.

Rajaratnam , 42, was indicted Thurs upon insider trading charges. Prosecutors said this individual conspired with his big brother, Raj Rajaratnam, to trade on non-public details concerning Clearwire Corp and also Superior Micro Devices Incorporated within 08.

Rengan Rajaratnam is actually expected to become arraigned in Nyc at 11: 30 the. meters. (1530 GMT)on Mon, based on the Manhattan U. Ersus. Attorney is actually Office.

Attorneys for Rengan Rajaratnam stated in a statement Mon that their client discovered through news reports a week ago that he have been charged with securities scams.

“After reading through about his / her indictment, Mr. Rajaratnam instantly volunteered to return from Brazil, in which he had been working and living for the past season, to be able to defend themself, ” the attorneys, David Tobin and also Vinoo Varghese, stated in the declaration.

The lawyers said Rajaratnam denies the charges and also “looks forward to clearing his name. ”

Rengan Rajaratnam was a portfolio manager in the hedge fund Galleon Group, and the trades that he was billed resulted in nearly $2. 2 million of illegal profit, based on prosecutors.

The defendant was charged along with six counts of securities fraud and one count number of conspiracy, and also faces up to 20 years in prison on each of the scams counts. He additionally faces U. Ersus. Securities and also Exchange Commission charges

Raj Rajaratnam, 55, received an 11-year prison sentence within October 2011 after having a jury convicted him the previous May.

The younger Rajaratnam’s arrest is the latest in the sweeping crackdown upon insider trading by the U. Ersus. government. Manhattan U. Ersus. Attorney Preet Bharara’s office provides charged 77 people in its investigation since Oct 2009, 71 of whom have since already been convicted, based on Bharara’s workplace.

The U. Ersus. Securities and Swap Commission filed separate city charges towards Rengan Rajaratnam, whose full first name is actually Rajarengan. That lawsuit alleges a broader plan that netted $3 million in illicit gains subsequent trades on stocks such as Polycom Inc and also Hilton Resorts.

The cases are You. S. v. Rajaratnam, You. S. District Court, Southern District of New York, Number 13-cr-00211; and also SEC v. Rajaratnam within the same court, Number 13-01894.

(Reporting Through Bernard Vaughan, Nate Raymond; Editing through Kenneth Barry)


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Through Bernard Vaughan

NYC (Reuters) – Rengan Rajaratnam has been arrested Sunday at Sara F. Kennedy International Airport within Nyc right after FBI agents escorted him on a flight from Brazil, a spokesperson for the agency stated on Mon.

Rajaratnam , 42, was indicted Thurs upon insider trading charges. Prosecutors said this individual conspired with his big brother, Raj Rajaratnam, to trade on non-public details concerning Clearwire Corp and also Superior Micro Devices Incorporated within 08.

Rengan Rajaratnam is actually expected to become arraigned in Nyc at 11: 30 the. meters. (1530 GMT)on Mon, based on the Manhattan U. Ersus. Attorney is actually Office.

Attorneys for Rengan Rajaratnam stated in a statement Mon that their client discovered through news reports a week ago that he have been charged with securities scams.

“After reading through about his / her indictment, Mr. Rajaratnam instantly volunteered to return from Brazil, in which he had been working and living for the past season, to be able to defend themself, ” the attorneys, David Tobin and also Vinoo Varghese, stated in the declaration.

The lawyers said Rajaratnam denies the charges and also “looks forward to clearing his name. ”

Rengan Rajaratnam was a portfolio manager in the hedge fund Galleon Group, and the trades that he was billed resulted in nearly $2. 2 million of illegal profit, based on prosecutors.

The defendant was charged along with six counts of securities fraud and one count number of conspiracy, and also faces up to 20 years in prison on each of the scams counts. He additionally faces U. Ersus. Securities and also Exchange Commission charges

Raj Rajaratnam, 55, received an 11-year prison sentence within October 2011 after having a jury convicted him the previous May.

The younger Rajaratnam’s arrest is the latest in the sweeping crackdown upon insider trading by the U. Ersus. government. Manhattan U. Ersus. Attorney Preet Bharara’s office provides charged 77 people in its investigation since Oct 2009, 71 of whom have since already been convicted, based on Bharara’s workplace.

The U. Ersus. Securities and Swap Commission filed separate city charges towards Rengan Rajaratnam, whose full first name is actually Rajarengan. That lawsuit alleges a broader plan that netted $3 million in illicit gains subsequent trades on stocks such as Polycom Inc and also Hilton Resorts.

The cases are You. S. v. Rajaratnam, You. S. District Court, Southern District of New York, Number 13-cr-00211; and also SEC v. Rajaratnam within the same court, Number 13-01894.

(Reporting Through Bernard Vaughan, Nate Raymond; Editing through Kenneth Barry)

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