A lot of people assume that Galleon is merely the tip of an iceberg of fraud. There has been lots of nervousness in the industry which is wondering who's next. A lot of speculation has fallen on SAC, one of the big daddies of the industry. A big criminal enforcement action against it or its founder Steven Cohen, who make the Galleon case look minuscule.

Reuters weighs in with a long piece on FBI special agent BJ Kang, who is the point man apparently on hedge funds. He seems to have taken a big interest in SAC that has spanned several years. Federal prosecutors are said to be focused "on a number of former SAC employees whose names have cropped up during the Galleon phase of the inquiry and who also may have engaged in insider trading."

Choo Beng Lee, one of five cooperating witnesses in the Galleon case, may offer some information on improprieties while working as a technology analyst at SAC from 1999 to 2004, which qualifies as old news. But anything related to Galleon will likely be pursued with passion. Nothing incents investigators quite like a really big fish.

For more:
- here's the Reuters article

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