Federal prosecutors end 81 conviction win streak
Rengan Rajaratnam's older brother, former hedge fund founder Raj Rajaratnam, leaves court after he was convicted on all counts of fraud and conspiracy in Wall Street's biggest insider trading trial for years
A federal jury in New York found Rengan Rajaratnam not guilty of conspiracy Tuesday. While the money involved in the insider trading case was small by Wall Street standards, and Rajaratnam was not well known, the case is significant because it marks the end of an impressive win streak for federal prosecutors.
In recent years, they’ve racked up 81 straight convictions, including that of Raj Rajaratnam, the older brother of Rengan Rajaratnam. Tuesday’s verdict may signal the beginning of a period where insider trading convictions are tougher to get.
For more on the topic, click the audio player above to hear reporter Mark Garrison in conversation with Marketplace Morning Report host David Brancaccio.