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Seven charged in $62 million Dell insider-trading case

By Ilene
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Seven charged in $62 million Dell insider-trading case 

Reuters – U.S. prosecutors charged seven people, described as a circle of friends who formed a criminal club, with running a $62 million insider trading scheme – the latest salvo in a years-long probe of suspicious trading at hedge funds.

The FBI in New York arrested four people on Wednesday and authorities announced previously secret charges against three others, making it one of the largest sweeps in the governments probe.

The seven charged worked for five different hedge funds and investment firms and reaped nearly $62 million in illegal profits on trades in Dell Inc, the prosecutors said. That is similar in magnitude to insider trading gains made by Raj Rajaratnam, the convicted founder of the Galleon Group hedge fund.

The charging document told "by now, a sadly familiar story," Manhattan U.S. Attorney Preet Bharara said at a news conference."It describes a circle of friends who essentially formed a criminal club, whose purpose was profit and whose members regularly bartered lucrative inside information," Bharara said.

Keep reading here: Seven charged in $62 million Dell insider-trading case | Reuters.

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