Live-Blog: The Insider Trading Arrests Press Confererence

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11-5-09 12:41 PM EST | E-mail Article

New York prosecutors Thursday charged 14 people with crimes in an alleged $20 million insider-trading case - the latest in an ongoing probe into insider- trading by Wall Street hedge funds. Last month Raj Rajaratnam, founder of hedge- fund firm Galleon Group, and five others were charged criminally with insider trading. Some of Thursday's arrests had ties to Galleon.

Live-blogged by David Benoit

12:24 PM U.S. Attorney Bharara says today the warning bell on Wall Street should be ringing louder as he announces a host of new defendants and charges for insider trading.

"This case goes to the very heart of fair play in the business world," he says.

Bharara says sophisticated criminals "took a page from drugmakers" in using prepaid cellphones and this prompted authorities to deploy wire taps.

He vows to find out how much insider trading is really going on out there.

12:17 EST U.S. Attorney Preet Bharara is about to start press conference. Also there: SEC enforcement director Robert Khuzami and the FBI's Joseph M Demarest Jr., who's in charge of the New York field office.

They've dubbed it Insider Trading II and it comes with colorful charts laying out the total $40 million the accused are alleged to have made.

Details on wiretaps huge profits and a growing list of defendants coming soon from NY.

(Wall Street Journal Online link: http://blogs.wsj.com/dispatch/2009/11/05/ coming-live-blog-on-insider-trading-presser/)


  (MORE TO FOLLOW) Dow Jones Newswires
  11-05-091241ET
  Copyright (c) 2009 Dow Jones & Company, Inc.

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