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Hedge fund managers arrested in insider case | Reuters.

CNNI Quest Means Business just had an announcement by the prosecuting group responsible for the arrests who mentioned that 30 arrests had been made and more were to be made . . . (my note).

http://www.businessweek.com/news/2011-02-08/ex-sac-employees-are-charged-in-u-s-insider-probe.html

The arrests in what prosecutors called a four-year scheme signal an expansion of a 16-month attack on insider trading on Wall Street that U.S. Attorney Preet Bharara said is “rampant.” The criminal complaint refers to six hedge funds, which it doesn’t name, that employed the defendants or executed trades.

The charges are connected to earlier arrests of eight employees or consultants at Primary Global LLC, a Mountain View, California-based firm that links investors with employees of public companies who work as consultants. Barai got inside tips from Primary Global consultants Anthony Longoria and Winifred Jiau, both of whom were previously charged, today’s complaint says.

My Note –

These articles simply name three that were arrested. Hmmm…… And a few others, and well, maybe I should find some more info about it. But the most interesting part is the idea that insider trading is “rampant” among these companies, hedge funds, consultants and analysts. Yes, I’d say that isn’t news because everybody knows that, but it is news that the government regulatory agencies are finally doing something about stopping it.

That is amazing.

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