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The government's clamp down on insider trading already taking down major players in the financial industry which total about that but.
Just how much -- will this get and how Long Will it last.
Charlie Gasparino joining me now with exclusive details on the government's big plants -- they're emboldened -- that they're pretty embolden they have wiretap evidence they had informants that they got from the wiretaps just pretty interest in.
These are key informants with.
Who dealt with it but major hedge funds -- so we don't back up a little bit this things been going on since roughly 2007.
Begin with an SEC inquiry led -- to the FBI giving wiretaps.
And leading to Raj -- -- the former head of -- group and now just spinning out across the entire hedge fund business something like sixty cases arrests.
56 being charged or or or excuse me guilty pleas or.
You know or being convicted.
But what's gonna happen going forward and this is what law enforcement people people directly involved this case FBI SEC US attorney's -- on the Fox Business Network.
They're saying there's going to be five years' worth of more cases they've scheduled.
Five years out that means there's a mobile load of -- -- when you ask how many could be in five years.
They say and they seem to conservative number this could be hundreds more -- in this investigation so this is the biggest thing obviously already.
Going to be much bigger to five years to -- if what if with the same pans out.
And it looks like it's gonna pan out because they have wiretaps.
And informants glean from wiretaps and -- lot of people have not been charged out.
Is there going to be a lot of these guys in the global players chock -- who can last week as you know arrested -- broadband research yeah he dealt with major -- would SEC capital.
Dealt with us Citadel investments but he I wouldn't say he's not this is big on the list is chock -- who can but would basically as Raj -- -- but I asked.
Will they get someone at the level of -- who ran a major hedge fund and they believe in the not so distant future.
They're gonna get someone at that level we should point out.
That -- the biggest fish so far but they believe that there are names on the list and apparently they got a big list of the bull to board.
That are his size and they're gonna and they're likely to be -- in this and the insider trading the use of wiretaps the first time ever that that was used successfully with with rock restaurant and where they were given the -- meaning the feds were killing ability to use I want we should point out a lot of people are saying that the US attorney's office broke this case.
They did but this is how -- happened SEC investigator.
So I always premised announces a sites it was it was a lot but anyway that's his name as -- Leslie confront this announces first thing he develops the case.
He gives it to the FBI the FBI basically.
Then went for the wiretaps why they couldn't get they couldn't data believe they can get -- -- -- -- really -- the industry.
So -- how to get a wiretap on someone that -- -- that they convicted are ready.
And by the way they're couple there was this guy David slain actually was a major player to -- group who led to many others so that's how was broken.
And that's why this is so big in the past and what do we have a -- -- -- One here one -- Martha Stewart which she was never convicted of insider trading but she was charged with with.
With obstruction of justice in insider trading -- but others like that regular people this is bigger because when you get those wiretaps.
It clusters out if basically explodes -- that's what they have now.
I've I've wanted to see if you go to the US attorney's office and the FBI office they have a bulletin board which clusters of people.
And our target well I wanna see -- it's always important to people.
I've been told us I've not seen it yet okay what is a fairly big thing I I'm hearing right now -- -- banning of course cautious on Wall Street that the -- seen talking into his flower in trying to say could you speak into the rather I think you're a little bit more sophisticated content for example people were chewing.
Smart -- in whatever those sim cards at their phones to try and hide evidence so there's a lot going on here thank you very much Charlie Gasparino breaking story once again.
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