Feds Probe Baseball Insider Trading

    Traders work at the Goldman Sachs posts on the floor of the New York Stock Exchange Thursday, March 15, 2012. Greg Smith, an executive director at Goldman Sachs, resigned with a blistering public essay that accused the bank of losing its "moral fiber," putting profits ahead of customers' interests and dismissing customers as "muppets." (AP Photo/Richard Drew)

    Richard Drew / AP Photo

    It’s not just bankers who are wheeling and dealing in the world of insider trading. Federal authorities are investigating an insider-trading ring reportedly operated by a retired, well-known baseball player and other former professional athletes, Reuters reports exclusively. For nearly three years, prosecutors in Los Angeles have been investigating what one U.S. official described as a “loose federation of people” tapping into and sharing market information before it goes public. The probe is part of a larger investigative crackdown on Wall Street insider trading that led to the conviction of Raj Rajaratnam and other high-profile hedge-fund traders and bankers.

    Read it at Reuters