Rengan Rajaratnam Says His Brother, Galleon Cheated Him
- Raj Rajaratnam also named in fraud lawsuit filed in New York
- Rengan Rajaratnam first to be cleared in insider probe
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Raj Rajaratnam’s Galleon Group LLC has a new adversary: The imprisoned hedge fund manager’s younger brother Rengan Rajaratnam claims to have been cheated out of $13.5 million in pay while working for him.
Rengan was the first defendant to be cleared of criminal wrongdoing in a federal insider-trading probe that ensnared Raj. A federal jury in 2011 found Raj was at the center of the most wide-ranging insider-trading scheme in a generation by routinely tapping into a Rolodex of corporate insiders and hedge-fund traders for tips. He was sentenced to 11 years in prison.