The brother of an imprisoned insider trading ringleader was acquitted by a federal jury in lower Manhattan yesterday on a single count of conspiring to commit insider trading.
In a rare acquittal in the Southern District, Rengan Rajaratnam, the founder of Sedna Capital Management and the younger brother of convicted Galleon Hedge Fund group founder Raj Rajaratnam, was cleared of charges that he traded on nonpublic confidential information on Advanced Micro Devices, Inc. (AMD).
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