Prosecutors in New York have charged Rengan Rajaratnam, the brother of the convicted hedge fund manager Raj Rajaratnam, with conspiracy and securities fraud, accusing him of conspiring with his sibling in insider trading.
Raj Rajaratnam, who founded the Galleon Group hedge fund, is currently serving an 11-year sentence after being convicted of insider trading in 2011. His brother, who is reported to be living in Brazil and has not yet been arrested, has been accused of conspiring in insider trading between 2006 and 2008.
Rengan Rajaratnam is also facing civil insider trading charges.
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