Posted on 11/06/2009 9:24:01 AM PST by WL-law
NEW YORK (AP) | Two lawyers and Wall Street professionals were among 14 people charged Thursday in a widening $53 million insider trading case that has snared one of America's richest men and accused white-collar suspects of using the cover-up tactics of drug dealers.
The actions raise to 20 the number of people who have been charged in the case first disclosed last month with the arrests of Galleon Group founder and hedge-fund operator Raj Rajaratnam and five others.
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Mr. Bharara said the defendants borrowed a "page from the drug dealer's playbook" by using anonymous hard-to-trace prepaid cell phones to dodge detection by law enforcement. He said they also discussed falsifying company files to make it appear trades weren't based on secrets.
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The complaints also described FBI agents trailing suspects as they do in drug cases to spot them passing money between one another. Court papers said agents observed cash appearing to be delivered in "an item that appeared to be approximately the size of a VHS tape."
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(Excerpt) Read more at washingtontimes.com ...
This is damn good news for the economy. We have a lot of rats to weed out of Wall Street, the Federal Government and especially the Congress.
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