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Govenment’s Insider Trading Probe Grows

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By Douglas A. McIntyre Published
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The Wall Street Journal reports that insider trading charge will be brought against managers at Neuberger Berman, and hedge funds Diamondback and Level Global. The paper writes that

The charges, if they are brought, would represent a significant broadening of an insider-trading investigation of employees at public companies passing along confidential information. Hundreds of conversations have been monitored on U.S. wiretaps in the probe.

Government activity has already netted Galleon Group founder Raj Rajaratnam and probably a director of Goldman Sachs (NYSE: GS) who is also a former head of McKinsey–jat Gupta

The action is part of an effort by the SEC and Justice Department that may change public opinion about the exchange commission’s competence. It is blamed for missing the Bernie Madoff scam. Congress has been critical of SEC investigation techniques.

Insider trading is thought by many to be fairly widespread on Wall St., so the charges may expand significantly

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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