Bloomberg News reports that a federal jury in New York after little more than three hours of deliberations today found Rengan Rajaratnam not guilty of scheming with his older brother to commit insider trading in 2008.
It’s the only trial loss in the crackdown on insider trading at hedge funds for Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation. Of those charged since 2009, at least 81 were convicted at trials or pleaded guilty. Rengan Rajaratnam was one of 10 people whose case went to trial. He was living in Brazil when he learned of his indictment.
'Go back to Brazil for the finals', U.S. District Judge Naomi Reice Buchwald told him following the verdict and after she cancelled his bail, in reference to the pending World Cup soccer match.
Rengan Rajaratnam, 43, smiled and replied: 'Absolutely'.
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