Rajaratnam's brother acquitted in insider trading case
July 09, 2014  08:53
A US court has acquitted the younger brother of jailed hedge fund manager Raj Rajaratnam of conspiring with him in an insider trading scheme, marking the first defeat in an impeccable track record of insider trading prosecutions for India-born federal prosecutor Preet Bharara.

Rengan Rajaratnam, 43, was found not guilty yesterday by the jury of eight women and four men judge after a three-week trial on the sole conspiracy count. Last year, Rengan was charged with conspiracy and securities fraud.

The jury cleared him of the single charge against him. The verdict came as a blow to Bharara and his team of federal prosecutors who have not lost a case in the years-long crackdown on insider trading on Wall Street.
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