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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 non-public information concerning Clearwire Corp and Advanced Micro Devices, Inc in 2008.

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

(Reporting by Nate Raymond in New York; Editing by Gary Hill)