In an expansion of a high-profile investigation into alleged insider trading, the Federal Bureau of Investigation arrested four people in New York, Boston and California, and the government unsealed charges against three others. All were charged criminally with securities fraud and conspiracy to commit securities fraud. Investigators alleged that a ring of traders and analysts at competing financial firms swapped information, resulting in a total of $61.8 million in illicit gains, rivalling the amount of illegal profit gained by Raj Rajaratnam, the Galleon Group founder convicted last year and sentenced to 11 years in prison.
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