NY insider trading charges announced against brother of jailed billionaire hedge fund founder

The brother of a jailed one-time billionaire hedge fund boss has been charged with conspiring with his brother to cheat on Wall Street.

Authorities announced the indictment against Rengan Rajaratnam (rah-juh-RUHT'-nuhm) on Thursday. They said the 42-year-old New Yorker had not yet been arrested on the charges.

His brother, Raj Rajaratnam, was convicted two years ago on insider trading charges for earning up to $75 million illegally. He is serving an 11-year prison sentence. The prosecution of the founder of the Galleon Group of hedge funds had resulted in more than two dozen convictions.

Rengan Rajaratnam has been charged with conspiracy to commit securities fraud and six counts of securities fraud.

Phone and email messages left for his attorney were not immediately returned.