The brother of a jailed one-time billionaire hedge fund chief has entered a not guilty plea to federal insider trading charges. Rengan Rajaratnam appeared yesterday in a Manhattan courtroom. He was indicted last week on conspiracy and securities fraud charges (NYLJ, March 22).
He was accused of conspiring with his brother, Raj Rajaratnam. The one-time billionaire founder of the Galleon Group of hedge funds is serving an 11-year prison sentence for his 2011 insider trading conviction. Prosecutors say he made as much as $75 million.
