A well-known retired baseball player and several other former athletes are being investigated in an insider trading probe, according to Reuters:
The former athletes under scrutiny – mainly a group of professional baseball players – are allegedly part of what one U.S. investigatory government official described as “a loose federation of people” sharing important market-moving information about various companies before it becomes public.
Reuters’ source states that the case will continue to move slower than other highly-known insider trading cases, as California officials are less experienced with this type of activity compared to those in New York.
Rather than attacking individuals as the SEC has done in the past, regulators are starting to go after groups where they can find “massive webs of underground tunnels.” More will be reported soon as more information comes out about the details of the people involved.
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