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Business Crimes Hotline
Jury Acquits Raj Brother of Conspiracy
On July 8, a federal jury acquitted Rengan Rajaratnam of insider trading conspiracy, after fewer than four hours of deliberation. Rengan is the younger brother of Raj Rajaratnam, who was convicted of insider trading in 2011 and sentenced to 11 years in prison. The verdict marked the end S.D.N.Y. U.S. Attorney Preet Bharara's unprecedented record of consecutive convictions by trial or guilty plea of 81 defendants on insider trading charges since 2009.
In March 2013, the government charged Rengan with one count of conspiracy and six counts of fraud, claiming that he conspired with Raj, the founder of Galleon Group LLC, to illegally trade on inside information about Clearwire and Advanced Micro Devices Inc. (“AMD”). In May 2014, prosecutors dropped four fraud counts successively. U.S. District Court Judge Naomi Buchwald then dismissed the remaining two securities fraud counts on July 1 and barred the government from introducing several key pieces of evidence. With regard to the remaining conspiracy count, the jury was instructed to consider whether Rengan conspired with Raj to obtain inside information about a potential investment in AMD in 2008.
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