Rajaratnam’s brother barred for 5 years in SEC deal

October 24, 2014 03:57 am | Updated May 23, 2016 06:53 pm IST - WASHINGTON

Rengan Rajaratnam, (L) the younger brother of imprisoned hedge fund manager Raj Rajaratnam, departs Manhattan Federal Court with his lawyer Vinoo Varghese.

Rengan Rajaratnam, (L) the younger brother of imprisoned hedge fund manager Raj Rajaratnam, departs Manhattan Federal Court with his lawyer Vinoo Varghese.

The brother of a jailed former hedge fund boss will be barred for at least five years from the securities industry and pay about $841,000 to settle a civil insider trading case against him.

The Securities and Exchange Commission announced the settlement on Thursday with Rengan Rajaratnam. He was acquitted in July in a criminal trial of conspiring with his brother, one-time billionaire hedge fund boss Raj Rajaratnam, to cheat on Wall Street. The SEC filed related civil charges against Rengan Rajaratnam in March 2013.

Raj Rajaratnam is serving an 11-year sentence in one of the biggest insider trading cases mounted by federal prosecutors. The government said he earned up to $75 million illegally by trading on secrets provided by corrupt employees of public companies.

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