Menu

New York insider trading trial begins for brother of ex-billionaire hedge fund founder

A New York City insider trading trial is underway for the brother of an imprisoned onetime billionaire hedge fund founder.

Opening statements are scheduled for Wednesday at the federal trial of Rengan Rajaratnam (RIHNG'-an rah-juh-RUHT'-nuhm). He has pleaded not guilty to securities fraud charges.

His brother, Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm), is the founder of the Galleon Group of hedge funds. He is serving an 11-year sentence for making up to $75 million illegally.

The charges against Rengan Rajaratnam are an extension of charges brought against his brother and two dozen other defendants who pleaded guilty or were convicted.

Prosecutors made extensive use of wiretaps in an insider trading case for the first time during the federal investigation, which began more than six years ago.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.19% dw 4.27%  
15 Y Fixed Graph 3.27% -- 3.27%  
30 Y Fixed Jumbo Graph 4.70% up 4.56%  
5/1 ARM Graph 3.36% up 3.35%  
5/1 Jumbo ARM Graph 3.74% up 3.54%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.38% -- 4.38%  
$50K HELOC Graph 4.11% -- 4.11%  
$30K Loan Graph 4.98% dw 4.99%  
$50K Loan Graph 4.39% dw 4.40%  
$75K Loan Graph 4.39% dw 4.40%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.90% dw 2.91%  
36 M Used Graph 3.41% dw 3.43%  
48 M New Graph 3.15% dw 3.19%  
48 M Used Graph 2.91% dw 2.97%  
60 M New Graph 3.16% dw 3.22%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% -- 0.35%  
1 yr Graph 0.67% dw 0.68%  
5 yr Graph 1.38% -- 1.38%