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October 20, 2009

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US ready to fight insider trading

United States federal investigators are ready to file charges against a wider array of insider-trading networks, Bloomberg News reported on Sunday, citing people familiar with the matter.
Some of these charges are linked to the criminal case against billionaire hedge fund founder Raj Rajaratnam, the unidentified sources told Bloomberg.
The crackdown is based on at least two years of investigation and will target securities professionals such as hedge fund managers, lawyers and other Wall Street players, the news and financial information provider reported.
Some probes rely on wiretaps while others stem from a secret US Securities and Exchange Commission project set up to identify clusters of people who make similar well-timed investments, Bloomberg said.
It said the SEC and the Justice Department declined to comment.
Galleon Group founder Rajaratnam and executives from major American firms were charged last Friday with the largest hedge fund insider-trading scheme ever.


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