Galleon Group founder's brother charged with insider trading

NEW YORK, March 21 Thu Mar 21, 2013 3:23pm EDT

NEW YORK, March 21 (Reuters) - The brother of convicted Galleon Group founder Raj Rajaratnam was indicted Thursday on insider trading charges.

Prosecutors said Rengan Rajaratnam, 42, allegedly conspired with his brother to trade on non-public information concerning Clearwire Corp and Advanced Micro Devices, Inc in 2008.

Rengan was a former portfolio manager at Galleon. The trades resulted in nearly $1.2 million in profits, according to the Manhattan U.S. Attorney's Office.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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