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More Charges in Giant Hedge Fund Case

WASHINGTON (CN) - The SEC has charged two more Wall Street wonders in its investigation of inside trading at hedge funds. In SEC v Galleon Management, it charged Thomas Hardin, former managing director at Lanexa Management, which allegedly got $950,000 from the inside trading. It also charged Hardin in SEC v Cutillo, along with Lanexa and former Schottenfeld Group trader Franz Tudor, claiming they profited to the tune of $715,000.

The SEC has charged 22 defendants in SEC v. Galleon, alleging insider trading at hedge funds, including Galleon. Galleon, a multibillion-dollar New York hedge fund was founded and controlled by Raj Rajaratnam, who is awaiting trial. The SEC claims the inside traders generated illicit profits of at least $52 million.

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