Prosecutors to drop two securities charges against Raj Rajaratnam's brother

U.S. prosecutors plan to drop two securities fraud charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, the younger brother of Raj Rajaratnam, who founded the firm and was convicted of insider trading in 2011.

Reuters reports that in a letter to U.S. District Judge Naomi Reice Buchwald late Thursday, prosecutors in the office of Manhattan U.S. Attorney Preet Bharara said they no longer plan to pursue two of the seven counts brought against Rajaratnam in 2013.

Rengan Rajaratnam is scheduled to face trial on June 17, the latest case in a sweeping insider trading investigation that has led to 80 convictions since October 2009.

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U.S prosecutors to drop two of seven charges against Rajaratnam's brother

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