rajaratnam’s brother in wall street corruption probe
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

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

Rajaratnam’s brother in Wall Street corruption probe

Egypt Today, egypt today

Egypt Today, egypt 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.

egypttoday
egypttoday

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*

rajaratnam’s brother in wall street corruption probe rajaratnam’s brother in wall street corruption probe



GMT 14:35 2012 Thursday ,19 January

2011 Mitsubishi Lancer

GMT 12:27 2017 Thursday ,07 December

Lyft puts driverless cars to work in Boston

GMT 06:23 2019 Tuesday ,20 August

You find yourself facing new professional

GMT 12:54 2018 Thursday ,06 December

Schalke aim to dampen Dortmund's title charge in derby

GMT 09:56 2018 Sunday ,16 September

Rahi Calls For Speeding Up Cabinet Formation

GMT 07:00 2017 Wednesday ,03 May

FBI translator married Daesh fighter she spied on

GMT 21:54 2017 Thursday ,22 June

Etihad planes rated world's cleanest

GMT 12:21 2015 Wednesday ,28 October

UAE provides unlimited support to Yemen

GMT 12:24 2016 Saturday ,25 June

US Navy keeps electromagnetic cannon in its sights

GMT 19:14 2011 Tuesday ,14 June

International Film Festival 2011

GMT 10:17 2017 Wednesday ,29 November

Ajman University celebrates National Day
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday