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Galleon Group Founder's Brother Charged With Insider Trading

The brother of convicted Galleon Group founder Raj Rajaratnam was indicted Thursday on insider trading charges.

Prosecutors said Rengan Rajaratnam, 42, allegedly conspired with his brother to trade on nonpublic information concerning Clearwire and Advanced Micro Devices in 2008.

Rengan Rajaratnam was a portfolio manager at Galleon. The trades resulted in nearly $1.2 million in profits, according to the Manhattan U.S. Attorney's Office.