Thursday, Nov. 5, 2009

Feds: 14 charged in insider trading case

By LARRY NEUMEISTER Associated Press Writer

NEW YORK (AP) - Federal prosecutors say criminal charges have been filed against 14 people, including attorneys and Wall Street professionals, in a widening $25 million insider trading case.

Court papers say the case is connected to an investigation of the Galleon Group.

Its founder, the billionaire hedge fund manager Raj Rajaratnam (rah-juh-RUHT'-nuhm), and five others were arrested in the case last month.

Rajaratnam denies participating in a scheme to use inside information to trade stocks at a profit ahead of public announcements.

Details of the latest arrests were not immediately available. The U.S. attorney in Manhattan, the FBI and the Securities and Exchange Commission scheduled a midday news conference Thursday to discuss the case.

2009-11-05     14:48:28 GMT

Copyright 2009. The Associated Press All Rights Reserved.
The information contained in the AP News report may not be published, broadcast, rewritten or redistributed.
Ads by FindLaw

Legal News