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  Perfect Hedge: 56 found guilty of insider trading

  Posted: January 31st, 2012, 9:31am MST

  It's known as "Operation Perfect Hedge": the government's unprecedented crackdown on insider trading that's led to nearly 60 convictions since it began roughly two and a half years ago. And with the charges announced two weeks ago against men from some of the country's largest hedge funds, it shows no sign of slowing down any time soon. Earlier this month, law enforcement officials announced the indictment of four investment professionals on insider trading charges, including Anthony Chiasson, who co-founded the Level Global hedge fund in 2003, and Todd Newman, a former portfolio manager at Diamondback Capital. Three others have pleaded guilty and are cooperating with the government in the case, including former analysts from Diamondback and Level Global. All told, the government has brought criminal charges against 63 people in its current crackdown and has secured 56 convictions, Preet Bharara, the U.S. Attorney for the Southern District of New York, said at a press conference announcing the new arrests. He compared the case in scale to that of Raj Rajaratnam, the hedge fund manager who received a record 11 years in prison last year after earning $64 million in a long-running insider trading scam. Analysts say the government's momentum in insider trading cases stems from a renewed focus on the practice as well as the use of investigative techniques, particularly wiretaps, previously reserved for other kinds of crime.