Read more: http://www.news.com.au/business/brea...#ixzz15rScH2QBINSIDER-trading charges are being prepared against a vast network of consultants and traders across the US financial industry in a years-long probe that a report suggests will reveal a pervasive culture of backroom dealing.
The investigation could be the largest insider-trading probe in US history, The Wall Street Journal said overnight, citing people close to the issue, with federal officials examining whether multiple, organised insider-trading rings reaped illegal profits of tens of millions of dollars.
Some charges could be brought before the end of the year, the Journal said.
The criminal probe is examining about three dozen companies in the probe, which is examining the "expert networks" to clients such as hedge funds and mutual funds, which connected managers of companies with investors in a bid to offer inside tracks on financial deals, according to the report.
Will Australian authorities now follow suit?
Will this have a negative effect on markets with ensuing & likely damaging court cases?