NEW YORK — The government has identified the brother of one-time billionaire hedge- fund founder Raj Rajaratnam as a co-conspirator in what authorities have called the biggest hedge-fund insider-trading case in history, a person familiar with the probe said Wednesday.
The person told The Associated Press that Ragakanthan Rajaratnam is the person identified in court papers filed last week only as “CC-1.” That means co-conspirator No. 1.
The person spoke on condition of anonymity because the younger brother of the hedge- fund founder is not identified publicly by the government. The Wall Street Journal first reported the development.
The Galleon fund’s founder has pleaded not guilty to securities-fraud charges in a case that prosecutors say has generated more than $50 million in profits. He is free on $100 million bail.
