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Two Fraud Charges Against Rengam Rajaratnam Dropped

May 04, 2014
Jing Chen

Prosecutors have agreed to drop two securities fraud charges against the younger brother of convicted Galleon Group founder Raj Rajaratnam.

The Wall Street Journal reported that the move comes weeks after U.S. District Judge Naomi Reice Buchwald said that the two charges against Rengam Rajaratnam were “inconsistent.”

Rajaratnam, who was charged with a total of seven counts, was indicted last year for allegedly trading on inside information regarding wireless broadband company Clearwire and chip maker Advanced Micro Devices while working at Galleon. He allegedly made $1.2 million in illicit profits.

Rajaratnam, who has pleaded not guilty, is scheduled to go to trial on June 17.

The older Rajaratnam brother is currently serving an 11-year sentence after being convicted in 2011 on 14 counts of insider trading and fraud in one of the biggest insider trading cases brought on by the U.S. government.

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