Four hedge-funders charged with insider trading

[WAPO] Two of the defendants, Barai and Donald Longueuil, a former research analyst and portfolio manager, were also charged with obstruction of justice in what the U.S. attorney in Manhattan, Preet Bharara, called a "brazen coverup."

On Nov. 20, after reading reports about a federal probe of insider trading, hedge fund manager Samir Barai allegedly sent a BlackBerry message to a colleague with some blunt instructions: Go to the office and "Shred as much as u can," "Put all ur data files onto an encrypted drive," and "delete all e-mails" from two particular contacts.

The investigation into this misconduct is widening to include other hedge funds and the firms that feed them research. Additional indictments are expected.