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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology 14 charged in Wall St insider trading probe AFP - Friday, November 6 Send IM Story Print Preet Bharara, US Attorney for the Southern District of New York, speaks at a press conference. Law enforcement officials in New York announced charges against 14 people in a widening probe into the largest ever alleged hedge-fund insider trading scheme on Wall Street. NEW YORK (AFP) - – Law enforcement officials in New York announced charges against 14 people in a widening probe into the largest ever alleged hedge-fund insider trading scheme on Wall Street. US Attorney Preet Bharara and New York's assistant FBI director Joseph Demarest said the accused took part in insider trading schemes that "generated more than 20 million dollars in illegal profits." They included hedge fund managers and trading firm executives, lawyers and corporate insiders, the prosecutor and FBI officer said in a statement. Of the 14, eight were arrested early Thursday, while a ninth was being sought, and later released on bail. Five other defendants had already been charged and have pleaded guilty in federal court in New York to insider trading crimes. The FBI sweep was linked to the ongoing probe into alleged insider trading by Raj Rajaratnam, the billionaire Sri Lankan founder of the hedge fund Galleon Management LP. Galleon was shut down last month and Rajaratnam and five others were arrested in what prosecutors called "the largest hedge fund insider trading case in history." Twenty people have now been charged in the insider trading probe. Bharara said the arrests of Rajaratnam and the five others had been a "wake-up call for Wall Street" and that Thursday's announcement meant "the alarm bells have only grown louder. "Over the last three weeks, we have charged 20 defendants with more than 40 million dollars worth of alleged insider trading," he said. The central figure among those charged Thursday was Zvi Goffer, who worked for Galleon and set up the hedge fund Incremental Capital. Goffer is alleged to have played a key role in the ring in which he "paid sources for inside information" about companies, including news of mergers and acquisitions, then made deals on the stock market, according to the criminal complaint filed in a federal court in Manhattan. Others charged Thursday with insider trading include current and former employees at Galleon, Ropes and Gray law firm, and Incremental Capital. The criminal complaint said evidence had been gathered using telephone wiretaps and informants. It also said Goffer issued participants in the alleged ring with prepaid cell phones meant to make detection of the scheme harder. Rajaratnam faces up to 20 years in prison for allegedly using insider information from heavyweight companies including Google, IBM, Hilton and Moody's. Rajaratnam's fund was estimated to be worth 3.7 billion dollars when it was shut down. Demarest, the FBI deputy head for New York, described insider trading as "betting on a game when you already know the outcome." He warned would-be Wall Street cheats that the FBI net was closing. "If you traffic in inside information, there's always a chance the person you conspire with is working for us. If you talk on the phone, we may be listening," he said. The eight arrested Thursday were released on bail, six of them for half a million dollars and the others for 100,000 dollars and 250,000 dollars. Recommend Send IM Story Print News Search Top Stories US may still put emissions proposals at Copenhagen Newborns cry, coo in their own language: study Climate talks enter final day amid row British Airways to cut extra 1,200 jobs amid losses RBS reports sharp loss, expects slow recovery More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Mont Blanc shrinks by foot-and-a-half Wall St swine flu vaccinations spark uproar New pathway for DNA damage from nano-particles: study Climate talks enter final day amid row Rage against GM over 10,000 planned job cuts at Opel More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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