14 hedge fund employees, including lawyers and various investors were arrested today by Federal prosecutors this week stemming from various criminal complaints filed against billionaire hedge fund manager Raj Rajarathnam.

Included in those arrests was Arthur J. Cutillo, a lawyer for the firm Ropes & Gray who is expected of offering tips of upcoming takeovers that his firm had been working on. Those tips according to the NYT:

[W]ere then passed among a group of lawyers and traders who, in the hopes of avoiding detection, used prepaid cellphones, referred to stocks by fake names and met in cars. Some members of the ring were paid off in cash, according to the complaint.

Mr. Rajaratnam was arrested last month for insider trading and is in the process of returning investor money.

Seriously? Does the SEC ever really do their job or do they just smile all pretty for the cameras once they arrive years too late.

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