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Sunday, November 8, 2009

JURIST - Paper Chase: FBI charges 14 more in Galleon Group insider trading scandal

JURIST - Paper Ch ET

filed charges [press release] against 14 people in connection with insider trading at the hedge fund company Galleon Group [corporate website], weeks after the arrest [JURIST report] of the company's founder. An investigation by the Federal Bureau of Investigation (FBI) [official website] allegedly revealed more than $20 million in illegal profits and led to criminal charges [charging documents] against hedge fund managers, analysts and lawyers involved in the scheme. The Securities and Exchange Commission (SEC) [official website] also filed civil charges [complaint, PDF] against 13 individuals and companies alleging more than $33 million in illicit gains related to Galleon Group. Manhattan US Attorney Preet Bharara [official website] said that the charges showed the government's focus on white collar prosecution.

When we announced our first arrests three weeks ago, I said this case should be a wake-up call for Wall Street. Today the alarm bells have only grown louder. Over the last three weeks, we have charged 20 defendants with more than $40 million worth of alleged insider trading, and our investigation is ongoing. When criminal activity is your business model,

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[JURIST] Federal authorities have
ase: FBI charges 14 more in Galleon Group insider trading scandal

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