Tuesday, June 17, 2014
NEW YORK (AP) — A jury has been chosen for the New York City trial of the brother of an imprisoned one-time billionaire hedge fund founder.
Sri-Lankan born Rengan Rajaratnam (rah-juh-RUHT'-nuhm) went on trial Tuesday, three years after his brother was convicted in Manhattan federal court on insider trading charges. A jury was chosen by day's end. Openings were set for Wednesday.
The brother, Raj Rajaratnam, is serving an 11-year prison sentence.
Rengan Rajaratnam has pleaded not guilty to securities fraud charges.
The charges against him are an extension of charges brought against his brother and two dozen other defendants who pleaded guilty or were convicted at trial. Prosecutors made extensive use of wiretaps in an insider trading case for the first time during the federal probe, which began more than six years ago.