Federal authorities are moving from the skyscrapers of Manhattan to the clubby world of retired baseball players in California to uncover the next insider trading ring.It really doesn't pay to be high profile. If they want you, they will get you for one thing or another. They love to take down big names (that aren't connected).
An ongoing insider trading investigation by U.S. prosecutors in Los Angeles is focusing on a retired, well-known baseball player and several other former athletes whose names have not yet been disclosed, said two people familiar with the situation.
The former athletes under scrutiny - mainly a group of professional baseball players - are allegedly part of what one U.S. investigatory government official described as "a loose federation of people" sharing important market-moving information about various companies before it becomes public.
This time it's the non-crime of insider trading.