In the US, Federal and state authorities have charged 14 people with fraud and conspiracy as part of an insider-trading network that involves some of the same companies and individuals as the Galleon Group.
Authorities are calling it a wake-up call for Wall Street.
Federal prosecutors in New York charged 14 people with gaming the system to the tune of 20 million dollars in profits.
The 14 include two Indian names.
Mumbai based Deep Shah, a former analyst at Moody’s Investors Service. Shah has been charged with passing on tips about Blackstone Group $26 billion takeover of Hilton Hotels before the deal was made public.
Gautham Shankar, a former proprietary trader at Schottenfeld Group in New York who has pleaded guilty.