U.S. Attorney Preet Bharara’s perfect track record in insider trading convictions just got ruined.
Today, Rengan Rajaratnam, the younger brother of ex-Galleon Group chief Raj Rajaratnam, just got acquitted of a conspiracy charge in an insider trading case, the Wall Street Journal reports.
Since th government’s massive insider trading crackdown began in 2009, Bharara — also known as “The Sheriff Of Wall Street” — had a perfect record of 81-0 for convictions.
In 2011, Rengan’s brother Raj Rajaratnam was convicted and sentenced to 11 years in federal prison for orchestrating a massive insider trading scheme. Rengan worked at Galleon Group.