The Wall Street Journal is reporting after a 3 year investigation, Federal Authorities are preparing charges. It's supposedly broad in scope.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
One focus of the criminal investigation is examining whether nonpublic information was passed along by independent analysts and consultants who work for companies that provide "expert network" services to hedge funds and mutual funds. These companies set up meetings and calls with current and former managers from hundreds of companies for traders seeking an investing edge.
Among the expert networks whose consultants are being examined, the people say, is Primary Global Research LLC, a Mountain View, Calif., firm that connects experts with investors seeking information in the technology, health-care and other industries. "I have no comment on that," said Phani Kumar Saripella, Primary Global's chief operating officer. Primary's chief executive and chief operating officers previously worked at Intel Corp.
A name we all know and love, Goldman Sachs is also being reported as part of the investigation.
A Good First Step
This is a good first step. However, the Justice Department needs to start prosecuting the banksters responsible for fraudulent, predatory mortgage terms too.
The main reason are
The main reason are regulations there, because someone scammed the system. Too much proper regulations are not the problem. Managers of Hedge Fund are cunning persons which are expected to be on the arrogant side. Their calculated status as the ultimate insider carries into question the plan that the majority of us has an occasion of making money off investments.
Ellis Davis
FBI raids offices
Three hedge funds WSJ.
The problem is these aren't very big, so great they are doing something about insider trading...
But seems like some raw meat being thrown instead of dealing with the systemic problems.
Zero Hedge has up the actual holdings. A lot of tech.
CFTC recommending 15 minute delay on block trades
You all might want to look over this CFTC proposal on a 15 minute delay on block derivative trades and post a comment.
I looked at it, thinking that's kind of strange on doing a delay of block trades on derivatives but didn't dig around enough to understand what the purpose is.
Arrest made in Insider Trading
MarketWatch. The guy was about to leave the country, to Taiwan. This is Primary Global Research LLC, an "expert" hedge fund.
I hope to write up a list of all of the foreign nationals doing insider trading to plain stealing industrial secrets. Over time, there have been many, especially in the areas of high tech. I don't know if this one is the case but from the China security report, we know and there is plenty of evidence China goes to extreme lengths to obtain corporate and even DoD secrets and so does India, abet a little less brazen.