More arrests in US clampdown on insider trading

Four more hedge fund executives have been arrested in the US authorities' war against insider trading.

The FBI swooped on addresses across the country yesterday morning, serving indictments on traders in New York, Massachusetts and Los Angeles. The charges were based on evidence turned up in earlier raids on the firms involved and co-operation from former business associates of the accused men.

In all, seven people were involved in an insider trading ring that netted $61.8m (£40m) in profit from trading in shares of the computer giant Dell, the government alleges.

As well as the four men arrested, three more have already pleaded guilty to involvement, it was revealed.

These included a former Dell employee, Sandeep Goyal, who is said to have learned insider information from an employee in the company's investor relations department and passed it on to his network of hedge fund associates.

The group traded in and out of Dell shares based on his tips in 2008 and 2009, according to a criminal complaint in New York yesterday.

Anthony Chiasson, who co-founded the Level Global Investors hedge fund, surrendered to the FBI in Manhattan, hours after the agency raided his home in search of him. Level Global shut down last year after the FBI investigation into Mr Chiasson was first revealed.

The other men arrested were: Todd Newman, who once headed technology trading for Diamondback Capital Management in Boston; Dan Kuo of Los Angeles-based Whittier Capital; and Jon Hovarth, currently employed at Sigma Capital Management, an affiliate of hedge fund titan Steven Cohen's $14bn SAC Capital.

More than 50 people have now been arrested or charged in overlapping insider trading investigations that began in 2009.

News
people And here is why...
News
people
News
peopleStella McCartney apologises over controversial Instagram picture
Arts and Entertainment
Hayley Williams performs with Paramore in New York
musicParamore singer says 'Steal Your Girl' is itself stolen from a New Found Glory hit
PROMOTED VIDEO
News
ebooksAn unforgettable anthology of contemporary reportage
News
William Hague
people... when he called Hague the county's greatest
Extras
indybestKeep extra warm this year with our 10 best bedspreads
Life and Style
health
News
i100
News
people
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trainee Recruitment Consultant - Birmingham - Real Staffing

£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...

Trust Accountant - Kent

NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...

Graduate Recruitment Consultant - 2013/14 Grads - No Exp Needed

£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...

Law Costs

Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...

Day In a Page

Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
The magic of roundabouts

Lords of the rings

Just who are the Roundabout Appreciation Society?
Why do we like making lists?

Notes to self: Why do we like making lists?

Well it was good enough for Ancient Egyptians and Picasso...
Hong Kong protests: A good time to open a new restaurant?

A good time to open a new restaurant in Hong Kong?

As pro-democracy demonstrators hold firm, chef Rowley Leigh, who's in the city to open a new restaurant, says you couldn't hope to meet a nicer bunch
Paris Fashion Week: Karl Lagerfeld leads a feminist riot on 'Boulevard Chanel'

Paris Fashion Week

Lagerfeld leads a feminist riot on 'Boulevard Chanel'
Bruce Chatwin's Wales: One of the finest one-day walks in Britain

Simon Calder discovers Bruce Chatwin's Wales

One of the finest one-day walks you could hope for - in Britain
10 best children's nightwear

10 best children's nightwear

Make sure the kids stay cosy on cooler autumn nights in this selection of pjs, onesies and nighties
Manchester City vs Roma: Five things we learnt from City’s draw at the Etihad

Manchester City vs Roma

Five things we learnt from City’s Champions League draw at the Etihad
Martin Hardy: Mike Ashley must act now and end the Alan Pardew reign

Trouble on the Tyne

Ashley must act now and end Pardew's reign at Newcastle, says Martin Hardy
Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?