Raj Brother Cleared In 1st Insider Trading Loss For Bharara
By Max Stendahl (July 8, 2014, 2:39 PM EDT) -- A New York federal jury on Tuesday acquitted former Galleon Group LLC manager Rengan Rajaratnam of insider trading conspiracy, ending Manhattan U.S. Attorney Preet Bharara's perfect record in stock-tipping cases.
The 12-member jury's verdict concluded a trial that began June 18. Prosecutors had claimed Rengan engaged in a criminal insider trading conspiracy with his older brother Raj Rajaratnam, the founder of Galleon. Raj is serving an 11-year prison sentence after being convicted in 2011.
The verdict marks an abrupt end to Bharara's five-year winning streak in insider trading cases. Prior to Tuesday, prosecutors working under him in the Southern District of...
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