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A Manhattan jury on Tuesday acquitted Rengan Rajaratnam of charges of conspiracy to commit insider trading, handing US attorney Preet Bharara his first defeat in such cases.
Rajaratnam is the younger brother of Raj Rajaratnam, the Sri Lankan-born billionaire hedge fund owner serving a 11-year jail sentence for insider trading.
Rajaratnam Senior was put away by Bharara, with scores of others including Indian-born Goldman Sachs director Rajat Gupta who began a two-years jail term last month.
Rajaratnam Junior was charged with conspiring with his brother to commit insider trading. The court had thrown out two charges of insider trading brought against him earlier.
“While we are disappointed with the verdict on the sole count that the jury was permitted to consider, we respect the jury trial system whatever the outcome,” said Bharara in a statement, adding, “We will continue to seek justice in the investigation and prosecution of those who violate the securities laws of the United States.”
The acquittal ends a remarkable run of 85 convictions and guilty pleas secured by Bharara’s office since he took charge as US attorney for South District of New york.