NEW YORK — Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Monday pleaded not guilty to insider trading charges.
The younger Rajaratnam entered his plea in Manhattan federal court, one day after his arrest at John F. Kennedy International Airport in New York. FBI agents had escorted him to the United States on a flight from Brazil.
Prosecutors on Thursday accused Rengan Rajaratnam, 42, of conspiring with his brother to trade on non-public information concerning Clearwire Corp and Advanced Micro Devices Inc in 2008.
NEW YORK: Former Goldman Sachs Group Inc director Rajat Gupta failed to persuade a US judge to overturn his insider trading conviction for passing tips about the bank's financial results and a crucial investment from Warren Buffett's Berkshire Hathaway Inc. US District Judge Jed Rakoff in Manhattan on Thursday rejected Gupta's argument that his tips to Galleon Group hedge fund founder Raj Rajaratnam were not illegal because his longtime friend gave him nothing valuable in return.
A federal appeals court on Monday upheld the insider trading conviction of Galleon Group hedge fund founder Raj Rajaratnam, rejecting his argument that wiretap evidence was used improperly to convict him.
The decision by a unanimous three-judge panel of the 2nd U.S. Circuit Court of Appeals in New York was a victory for federal prosecutors, who have used wiretaps to win convictions or guilty pleas for dozens of defendants in a wide-ranging investigation into insider trading that was unveiled in October 2009.