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SEC said to be investigating $40 million insider ring

The Securities and Exchange Commission is investigating what appears to be the largest insider trading ring ever, involving $40 million in trading profits, the Wall Street Journal said Monday.

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The newspaper said the SEC's investigation involves more than 20 Wall Street individuals, law firms, and securities firms and is focusing on an unidentified former lawyer at the law firm of Wachtell, Lipton, Rosen & Katz.

Federal law prohibits insider trading, which is the use of information not available to the public to profit on stock transactions.

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