US authorities will announce string of insider dealing cases

first_img Share KCS-content Monday 22 November 2010 6:10 am Show Comments ▼ Tags: NULL US authorities will announce string of insider dealing cases Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Federal authorities are closing in on a series of high profile targets as part of a drive to purge insider trading from Wall Street.They are understood to be on the verge of announcing cases against hedge fund traders, consultants and Wall Street bankers within weeks, according to lawyers working on the cases.Prosecutors and securities regulators are likely to file a number of cases targeting the $1.7 trillion hedge fund industry rather than a single spectacular case, said the lawyers.They are likely to reveal suspicions of multiple, highly organised insider trading rings suspected of reaping tens of millions of dollars for their members over a period of years.The probe is said to include up to three dozen companies.The new round of prosecutions could start before Christmas, lawyers said, adding that they could rival last year’s arrest of Galleon Group hedge fund manager Raj Rajaratnam and nearly two-dozen others in one of the largest insider trading cases ever brought.Authorities are still deciding whether to pursue cases against several individuals who were implicated but never charged in the Galleon case and another case involving a former UBS investment banker. whatsapp whatsapplast_img

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