U.S. Builds Massive Insider-Trading Case Against Investing Pros
The Wall Street Journal reports, "The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars." Charges could be brought before the end of this year, according to the Journal.
Potential leaks of information by Goldman Sachs Group (GS) investment bankers are also part of the investigation. Among other firms the government probed are Broadband Research and First New York Securities, according to the Journal.
The FBI and Justice Department spearheaded the investigations. The probe is not entirely finished and it is not clear when the first charges will be brought.