Rajaratnam Brother Charged For Trading On $1B Intel Buy

Law360, New York (March 21, 2013, 8:02 PM EDT) -- Federal prosecutors charged the brother of imprisoned hedge fund titan Raj Rajaratnam with insider trading Thursday, alleging he used insider information about a $1 billion Intel Corp. acquisition to reap millions in fraudulent profits for his brother’s illegal trading ring.

Prosecutors say Rajarengan “Rengan” Rajaratnam, 42, received tips from his older brother Raj that Intel was preparing to invest $1 billion in Clearwire Corp. in 2008, and used that information to gain more than $1 million in profits for his brother’s Galleon Group hedge fund....
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