Two securities fraud charges against Rengan Rajaratnam, the brother of imprisoned hedge-fund founder Raj Rajaratnam, may be based on a legally flawed premise, a U.S. judge said, suggesting that they should be dismissed before his June trial.
The insider-trading conviction of Rajat Gupta, who rose to the pinnacle of Wall Street as a Goldman Sachs Group Inc. director and McKinsey & Co. managing partner, was upheld today by a federal appeals court.
Dmitry Firtash, the Ukrainian billionaire arrested in Vienna on a U.S. warrant last week, was released from jail after Austrian police checked the origin of his 125 million euro ($172 million) bail payment.
Rengan Rajaratnam, the younger brother of imprisoned hedge-fund founder Raj Rajaratnam whose trial on insider-trading charges is scheduled for June, said U.S. prosecutors are trying to hold him responsible for trades that they pinned on his brother at his trial.
One late afternoon in March 2007, Sanjay Wadhwa sat at his desk transfixed by the data on his computer screen. Wadhwa was then a low-level supervisor in the Wall Street office of the U.S. Securities and Exchange Commission investigating a supposedly routine case of “cherry- picking.” The SEC had gotten a complaint that Rengan Rajaratnam, the founder of Sedna Capital Management LLC, a small hedge fund, was doling out a disproportionate share of his best trades to the beneficiaries of a “friends and family” account. It was Wadhwa’s job to figure out what was going on, Bloomberg Businessweek reports in its April 23 issue.
Former SAC Capital Advisors LP fund manager Mathew Martoma was found guilty in the most lucrative insider-trading scheme ever as federal prosecutors racked up a seventh conviction in their six-year probe of the hedge fund and its billionaire founder, Steven A. Cohen.
Rengan Rajaratnam, the younger brother of imprisoned hedge-fund founder Raj Rajaratnam, was taken into custody by FBI agents yesterday when he arrived at John F. Kennedy International Airport on a flight from Brazil, a person familiar with the matter said.
U.S. prosecutors may bring charges for ignoring the source of illegal information used for trading, an appeals court ruled in its second decision in as many days widening the scope and penalties for insider cases.
Former SAC Capital Advisors LP fund manager Mathew Martoma, who was found guilty Feb. 6 in the most lucrative insider-trading scheme ever, is scheduled to be sentenced June 10 and may face as many as 20 years in prison.
Rengan Rajaratnam, the younger brother of imprisoned hedge-fund founder Raj Rajaratnam, was indicted by a federal grand jury on charges he took part in an insider-trading scheme tied to Galleon Group LLC.