In a monumental event for prosecutors, the trial of Raj Rajaratnam, the target of a massive insider trading probe, is scheduled to start on February 28, according to CNBC. The trial of his alleged partner in crime Danielle Chiesi is scheduled to start on April 25.

The trial will be closely watched as a precursor of sorts to future insider trading prosecutions. A setback would certainly raise the bar for prosecutors, some of whom are convinced that insider trading is rampant on Wall Street. Preet Bharara has memorably likened it to a "performance enhancing drug." A win against Rajaratnam and Chiesi would perhaps embolden prosecutors to bring more charges.

The investigation with the most at stake, as far as we know, is the expert network insider trading probe, which has sucked in many big-name hedge funds, the likes of SAC Capital, and mutual funds, like Janus.

It was great news for federal prosecutors when the judge decided to allow the use of wiretapped evidence. People assume that wiretaps were also used in the still-unfolding expert network investigation.

Recall that Rajartnam was arrested last year, as were over a dozen traders, analysts and executives from his firm. Several have pleaded guilty to fraud charges. Others are thought to be cooperating with authorities. 

For more:
- here's the CNBC article

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