10/19/2009

The arrest of billionaire hedge fund manager Raj Rajaratnam on insider-trading charges is just the beginning of a wide-ranging series of charges that federal authorities intend to file following a two-year investigation, Bloomberg News reported, quoting people familiar with the matter. Some of the charges will rely heavily on wiretap evidence, while others grow out of a Securities and Exchange Commission data-mining project, the news service said. The SEC inquiry, secret until now, spotted groups of investors who made similar investments that seemed to be remarkably well-timed to produce gains.

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