Seven charged in Dell insider trading case

Seven people have been charged with trading shares of Dell stock based on inside information. Four new arrests were made by the FBI on Wednesday, Reuters said, while three others have already been charged. In total, the group made more than $62 million in profits off of illegal trades in 2008. The defendants named on Wednesday include former portfolio manager Todd Newman of Diamondback Capital Management in Stamford, Anthony Chiasson of Level Global Investors in New York and Jon Horvath. A fourth person was also arrested in Los Angeles. The four men allegedly had early access to Dell’s earnings reports ahead of the company’s public announcements and have each been charged with one count each of securities fraud and one count each of conspiracy to commit securities fraud.

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