Galleon Group founder's brother charged with insider trading

NEW YORK – 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)