Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* U.S. Court acquits Galleon founder Rajaratnam's brother
Wed, Jul 9, 2014, 08:04 pm SL Time, ColomboPage News Desk, Sri Lanka.

July 09, New York: A federal grand jury in New York Tuesday found Rengan Rajartnam, the younger brother of Galleon Group founder Raj Rajaratnam, not guilty of conspiracy and securities fraud.

After deliberating for less than four hours, the jury found Rengan not guilty of conspiracy to commit insider trading with his brother, the one count he faced following the mid-trial dismissal of two more serious fraud charges.

Rengan Rajaratnam, who worked for his older brother as a portfolio manager at Galleon, was initially charged in March 2013 with seven counts of conspiracy and securities fraud. A year ago prosecutors dropped four counts without explanation.

The judge, Naomi Reice Buchwald dismissed two insider trading charges against Rengan Rajaratnam last week and allowed the jury to decide on the conspiracy charge.

The acquittal of the younger Rajaratnam, 43, who was living in Brazil at the time of his indictment, ended the federal prosecutors' winning streak on insider-trading trials.

His brother, Raj is serving an 11-year prison term after convicted by the Federal Court in New York in October 2011 for insider-trading.

At least 88 people have been charged in a federal crackdown on insider trading and the prosecutors under Preet Bharara, the United States attorney for Manhattan, secured victory in 85 of them until yesterday's ruling.

ColomboPage - Recent 10 Stories
Sri Lankan nabbed at airport for attempting to smuggle over Rs. 4.5 million worth foreign currency
-- [39 minutes ago]
Sri Lanka needs to look outwards to raise exports to US$ 50 billion - PM
-- [1 hour and 43 minutes ago]
Sri Lanka President appreciates Turkey's steps to enhance bilateral corporation
Nine-member Commonwealth team to observe Sri Lanka parliamentary elections
Pakistan condemns the killing of civilians in latest unprovoked ceasefire violations by India at Working Boundary
Litro Chairman sends letter of demand to former UPFA MP Bandula Gunawardena
Australia's MRL Corporation signs agreement with Intelligent Materials to identify commercial applications for Sri Lanka graphite
Police asked to take custody of government vehicles still retained by former MPs
Sri Lanka Police arrest 386 on election law violations and related incidents
Sri Lanka survey finds Ranil Wickremasinghe is favored by all communities to be the PM

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.