Rengan Rajaratnam Case Details and Final Verdict

Rengan Rajaratnam's case involved insider trading, which is a serious crime.

Rengan Rajaratnam was the brother of Raj Rajaratnam, a billionaire hedge fund manager who was convicted of insider trading in 2011.

Rengan Rajaratnam was also accused of insider trading, but his case was different from his brother's.

He was charged with conspiracy and securities fraud in 2010.

For another approach, see: Raj Rajaratnam

Rengan Rajaratnam was acquitted by a jury in his insider trading trial.

The jury deliberated for less than a day before reaching their verdict.

Prosecutors said Rengan Rajaratnam joined with his brother in 2008 to cheat in the stock market using illegal insider tips about a pair of technology companies.

Raj Rajaratnam, the older brother, is serving an 11-year prison sentence for $75 million in ill-gotten gains.

The jury's verdict marks the first loss in U.S. Attorney Preet Bharara's insider trading prosecutions.

Rengan Rajaratnam could have faced a maximum five-year prison term for the conspiracy charge.

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The verdict was a result of the jury's careful attention to the case, as defense lawyer Daniel Gitner thanked them for their service.

Rengan Rajaratnam is looking forward to getting on with his life after the acquittal.

Rengan Rajaratnam's trial was closely followed by several defendants who are appealing their insider trading convictions.

The Second Circuit's opinion questioning the previous standard used in insider trading trials may have influenced the jury's verdict.

The jury deliberated for less than six hours before returning a not guilty verdict on the single remaining count of conspiracy against Rengan Rajaratnam.

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