U.S. Insider Trading Probe Widens
Federal authorities accused the founder of the Galleon hedge fund and five others of making millions of dollars illegally by using insider information to make trades. The six have denied wrongdoing. Authorities have charged 14 more people with insider trading. The suspects are not only from hedge funds but also from large corporations like Intel and IBM.
RENEE MONTAGNE, host:
NPR's business starts with more insider trading intrigue.
(Soundbite of music)
MONTAGNE: The government's investigation of hedge fund insider trading has all the makings of a Tom Clancy novel. Investigators have turned up secret packages of money, deposable cell phones and suspects with nicknames like The Rat and The Greek.
The probe into the financial world started last month. Federal authorities accused the founder of the Galleon hedge fund and five others of making millions of dollars, illegally, by using insider information to make trades.
The six have denied wrongdoing. Yesterday, authorities charged 14 more people with insider trading. The suspects are not only from hedge funds, but also from large corporations like Intel and IBM. Transcript provided by NPR, Copyright National Public Radio.
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