The brother of an imprisoned ex-billionaire hedge fund founder was acquitted of conspiracy Wednesday, ending a string of insider trading convictions won by
A jury returned the verdict Tuesday at the insider trading trial of
Two dozen other defendants have pleaded guilty or were convicted in the case against the hedge fund founder.
The younger Rajaratnam returned to
Rajaratnam initially faced conspiracy and securities fraud charges. But as his trial neared an end, all but the conspiracy charge had been dropped by prosecutors or dismissed by a federal judge. The jury acquitted Rajaratnam on the lone remaining count.
The acquittal came after Manhattan U.S. Attorney
"While we are disappointed with the verdict on the sole count that the jury was permitted to consider, we respect the jury trial system whatever the outcome, and we thank the jury for their service," said Bharara.
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