By Jordan Maglich, Contributor

Facing an expiring statute of limitations, authorities filed criminal and civil charges against Rajarengan “Rengan” Rajaratnam for his role in the massive insider trading scheme masterminded by his brother, Raj Rajaratnam, who is is currently serving the longest prison sentence handed down for an insider trading conviction.  In parallel actions, the Securities and Exchange Commission (“SEC”) and the U.S. Attorney’s Office for the Southern District of New York (“USAO”) accused Rengan Rajaratnam of pocketing more than $3 million in profits by trading on material non-public information in several companies, including Polycom, Hilton Hotels, and Clearwire.  The SEC charged Rajaratnam with violations of the Securities Exchange Act of 1934, while the extent of the criminal charges was not yet known. …read more
Source: FULL ARTICLE at Forbes Latest