Feds Probe Baseball Insider Trading

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.