Arthur Cutillo, 13 Other Hedge Fund Employees Arrested For Insider Trading

James Johnson - Author
By

Jun. 15 2013, Updated 9:12 p.m. ET

14 hedge fund employees, including lawyers and various investors were arrested today by Federal prosecutors this week stemming from various criminal complaints filed against billionaire hedge fund manager Raj Rajarathnam.

Included in those arrests was Arthur J. Cutillo, a lawyer for the firm Ropes & Gray who is expected of offering tips of upcoming takeovers that his firm had been working on. Those tips according to the NYT:

Article continues below advertisement
Blockquote open

[W]ere then passed among a group of lawyers and traders who, in the hopes of avoiding detection, used prepaid cellphones, referred to stocks by fake names and met in cars. Some members of the ring were paid off in cash, according to the complaint.

- Blockquote close

Mr. Rajaratnam was arrested last month for insider trading and is in the process of returning investor money.

Seriously? Does the SEC ever really do their job or do they just smile all pretty for the cameras once they arrive years too late.

Advertisement

Latest FBI News and Updates

    © Copyright 2023 The Inquisitr. The Inquisitr is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.