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.

source

Open your Marketiva Account Now! It is free!
Get $5 cash reward you can start trading right away!

Related posts:

1. Arthur Cutillo, Jason Goldfarb, Zvi Goffer, Craig Drimal Arrest!
2. Man arrested in NM for 22nd drunk driving offense
3. Pictures and Video : Katt Williams Arrested For Burglary
4. Director Roman Polanski arrested in Switzerland
5. U.S. man arrested for faking his own suicide live on the internet
6. Cal State Student Arrested for Playing with Video Games
7. Videos presence of CCTV cameras recorded Angel
8. Gorman to Be Morgan Stanley CEO
9. Robert Moffat IBM – Bob Moffat Arrest!
10. BLACKHAWKS FORWARD PATRICK KANE ARRESTED IN BUFFALO
11. Pirate Bay acquisition appears to be unraveling
12. Jason Hargett : Hole-in-One Made Him a Millionaire
13. Christine Paolilla : High School ‘Miss Irresistible’ Accused of Killing Friends
14. Top tips and tricks for iLife beginners
15. Video : Police Arrest John William Lomax For Jasper Howard Murder