NEW YORK—The Justice Department asserted Jan. 18 conspiracy and securities fraud charges against seven former hedge fund analysts and managers for allegedly generating $61.8 million in illegal gains and avoided losses in the latest development regarding the government’s ongoing investigation into purported insider trading violations at hedge funds (United States v. Newman).
Additionally, the Securities and Exchange Commission Jan. 18 charged the seven individuals with wrongdoing and added insider-trading charges against two Connecticut-based hedge funds, each with about $4 billion under management, involving allegedly illegal gains or avoided losses totaling $78 million.
The criminal complaint alleged that in ...
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