The huge insider trading investigation just ensnared the hedge funds Diamondback, Global Level — and now Loch Capital in its vast web, says the Wall Street Journal.
The FBI reportedly had a search warrant out for the hedge fund, a roughly $2 billion technology-oriented hedge fund based in Boston run by brothers Timothy and Todd McSweeney, and they raided it earlier today.
Apparently the FBI are still outside the offices. Click here to see a picture of the FBI badge in the windshield of one of the cars outside Loch Capital >
Loch, which was founded in 2003, was only remotely tied to the Galleon case, which implies that the Feds are going after EVERYONE they can find this time.
Loch is involved because earlier this year, skittish investors pulled money from the fund because the founders were friends with Steven Fortuna, who plead guilty to insider trading in the Galleon case.
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