CNBC: Ropes & Gray Employees In Custody In Galleon Case

[WSJ_law_blog]

UPDATE: The Ropes & Gray lawyer identified as having been taken into custody is Arthur Cutillo, an associate. According to a cached version of Cutillo’s page (which has already been removed by the firm), Cutillo joined Ropes & Gray in 2005 and practiced in the litigation department. Before working at Ropes, Cutillo worked at Merck & Co. He got his JD in 2005 from Villanova, and got his BS from Rutgers in 1999.

This just in: According to the Dow Jones Newswires’s John Koll, the FBI has taken into custody fourteen persons in an ongoing insider-trading probe of the hedge-fund industry. Among them, reports CNBC, are employees of law firm Ropes & Gray.

Click here, also, for a Bloomberg story, which lists seven names.

The arrests follow criminal charges last month against Raj Rajaratnam, founder of hedge-fund Galleon Group, and five others in a $20 million insider-trading case. The New York office of the FBI said the individuals were primarily taken into custody in New York. One person was arrested in New Jersey and one person was arrested in Connecticut.

In addition to employees at Ropes & Gray, CNBC reported that employees Of Galleon, Schottenfeld Group, and Incremental Capital were among those arrested.

A spokesman for Ropes & Gray declined to comment.

More on this, of course, as we get it.

I don't think that is the last arrest from that group...