Information about hedge funds implicated in the on-going insider trading probe involving expert network research funds continues to trickle out daily. The latest: Citigroup's Tribeca Global Management has been identified as "Hedge Fund A" in a criminal complaint that was filed in New York, Bloomberg reports. The fund was said to have made $450,000 in 2006 and 2007 trading on illegal inside information about Fairchild Semiconductor.

Citigroup set up the Tribeca fund in 2004 with an initial goal of attracting $20 billion. It was shut down in September 2007.

The Tribeca fund manager was Samir Barai, who has already been charged and identified in the media as the founder of Barai Capital. Barai and his firm have both been charged by the SEC.

While he was at Tribeca, before he founded his own firm, the fund reportedly paid  $48,000 to an "expert" who worked at Fairchild, allowing the fund to generate the ill-gotten gains allegedly.

Citigroup itself and Tribeca have not yet been charged and are cooperating with officials. Their cooperation may be much appreciated and just might get them off the hook.

The bet is that the public has merely seen the tip of the insider trading iceberg. There will undoubtedly be more indictments at the criminal and civil level, and people can only speculate who the major targets are.

For more:
- here's the Bloomberg article

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