The Justice Department (DOJ) has subpoenaed 50 or more companies in their massive insider trading probe, Charlie Gasparino reported.
That smashes the previous estimate of 12 firms having been subpoenaed by the FBI.
Insiders told Fox Business that the DOJ asked recepients for communications about major events, including mergers, acquisitions – obviously events about which news could have been traded on to avoid losses or make super profits.
It is unclear if company officials — or possible “tippers” of allegedly illegal insider information — are actual targets of the burgeoning probe, but this person said they are clearly on the DoJ’s radar screen.
People close to the investigation say that authorities are using the threat of arrests during the holidays “as leverage to gain cooperation among potential targets.”
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