NY jury acquits ex-hedge fund founder's brother

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Photo - Rengan Rajaratnam, left, exits Manhattan federal court in New York with his attorney Daniel Gitner Tuesday, July 8, 2014 after he was acquitted of conspiracy to commit securities fraud. Prosecutors had alleged that Rajaratnam, 43, joined with his brother, Raj Rajaratnam, to cheat in the stock market in 2008 on the securities of two technology companies. (AP Photo/Larry Neumeister)
Rengan Rajaratnam, left, exits Manhattan federal court in New York with his attorney Daniel Gitner Tuesday, July 8, 2014 after he was acquitted of conspiracy to commit securities fraud. Prosecutors had alleged that Rajaratnam, 43, joined with his brother, Raj Rajaratnam, to cheat in the stock market in 2008 on the securities of two technology companies. (AP Photo/Larry Neumeister)
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NEW YORK (AP) — The brother of an imprisoned ex-billionaire hedge fund founder has been acquitted of conspiracy.

A New York jury returned the verdict Tuesday at the federal insider trading trial of Rengan Rajaratnam (RUHN'-gehn rah-juh-RUHT'-nuhm).

His brother, Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm), is the founder of the Galleon Group of hedge funds. He's 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 (rees) Buchwald had dismissed the two most serious charges last week.

After he was charged in the case last year, Rengan Rajaratnam came to the United States from Brazil, where he had been living.

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