With some indirect help from the U.S. Court of Appeals for the Second Circuit, Rengan Rajaratnam and his lawyers at Lankler Siffert & Wohl have snapped Manhattan U.S. Attorney Preet Bharara’s undefeated record in insider-trading cases.
After just a few hours of deliberation, a federal jury in Manhattan returned a verdict on Tuesday that Rajaratnam, the younger brother of imprisoned hedge-fund titan Raj Rajaratnam, didn’t conspire with his brother to obtain insider information about tech company stocks. Rengan Rajaratnam had originally faced seven counts, but by the end of the trial only a single conspiracy count remained.
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