U.S. Charges 7 In Dell Insider Trading Case

January 19th, 2012 by James

U.S. Charges 7 In Dell Insider Trading CaseSeven people have been charged by U.S. prosecutors with running a $62 million insider trading scheme. Making it one of the largest sweeps in the government’s investigation, the FBI in New York arrested four people and authorities announced previously secret charges against three others.

The prosecutors said 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.

“It describes a circle of friends who essentially formed a criminal club, whose purpose was profit and whose members regularly bartered lucrative inside information,” Manhattan U.S. Attorney Preet Bharara said at a news conference.

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