The brother of an imprisoned former billionaire hedge fund founder was acquitted of conspiracy in New York on Tuesday.
A Manhattan jury returned the verdict at the federal insider trading trial of Rengan Rajaratnam. The smiling defendant hugged his lawyers and relatives when the verdict was read.
His brother, Raj Rajaratnam, is the founder of the Galleon Group of hedge funds and is serving an 11-year sentence for making up to $75 million illegally.
Two dozen other defendants have pleaded guilty or were convicted in the case.
Federal Judge Naomi Reice Buchwald had dismissed the two most serious charges in May.
Prosecutors had alleged that Rengan Rajaratnam,...