Thursday, November 5, 2009
Feds: 14 charged in insider trading case
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, 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.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
