Raj Rajaratnam brother charged with insider trading of Clearwire Corp and Advanced Micro Devices

Raj Rajaratnam’s younger brother Rengen was indicted on charges of conspiring in the insider trading scheme with his brother, founder of the Galleon Group hedge fund by trading on non-public information concerning Clearwire Corp and Advanced Micro Devices. Rengen, a portfolio manager at Galleon was charged with trades resulting in $1.2 million in illegal profit, according to the U.S. Attorney’s Office. His older brother Raj received an 11-year prison sentence in Oct 2011 when a jury convicted him of insider trading.