Nov. 5 (Bloomberg) -- U.S. prosecutors charged 14 people, including a former employee at the offices of the Galleon Group hedge fund firm, as part of an investigation of an alleged $20 million insider trading scheme. Craig Drimal, who according to court documents worked at the offices of Manhattan-based Galleon, was arrested today along with Zvi Goffer, Arthur Cutillo, Jason Goldfarb, Emanuel Goffer, David Plate and Michael Kimelman. Charges against the men include conspiracy and fraud, according to documents filed in New York federal court. Names of the other seven defendants werenât immediately available. Galleon founder Raj Rajaratnam and five others were charged last month in what prosecutors said is the largest hedge fund insider-trading ring ever prosecuted. The U.S. says Rajaratnam received tips from a network of high-ranking executives including co-defendants Rajiv Goel, who worked at Intel Capital, and Anil Kumar, who worked as a director at McKinsey & Co. All have denied any wrongdoing. Manhattan U.S. Attorney Preet Bharara scheduled a press conference for noon today in New York to announce the filing of the new charges against individuals including attorneys and âWall Street professionals.â James Margolin, a spokesman for the Federal Bureau of Investigation, said the Securities and Exchange Commission was also involved in the arrests http://www.bloomberg.com/apps/news?pid=20601087&sid=axP.z_DFC.UM&pos=1 No surprise here...
Seems like somebody's been listening in... And who knows for how long? Might be just the 1st wave. Of course, this stuff probably happens all the time - but for some reason, it's still not legal....