Zee Media Bureau
New Delhi: The younger brother of imprisoned hedge fund manager Raj Rajaratnam, is negotiating with prosecutors on a possible resolution to his criminal insider trading case, including a possible plea, a court filing shows.
Prosecutors had accused Rengan Rajaratnam of conspiring with his brother to trade illegally in the stocks of technology companies Advanced Micro Devices Inc. and Clearwire Corp. in 2008, resulting in USD 1.2 million of illegal profit.
Rengan Rajaratnam pleaded not guilty on March 25, entering his plea after voluntarily returning to the United States from Brazil, where he had lived and worked for the prior year.
U.S. District Judge Naomi Reice Buchwald in Manhattan agreed to delay a scheduled conference to July 30 from June 4, which federal prosecutors in a May 30 letter said would "permit the defendant and the government to continue discussions that may lead to the resolution of this case before trial."
With Agency Inputs
First Published: Tuesday, June 4, 2013, 09:27