U.S. prosecutors in New York revived their five-year crackdown against insider trading on Monday, taking a former executive at data equipment maker Foundry Networks Inc to trial two months after suffering their first jury defeat in a separate case. Jury selection began in the case of David Riley, a former Foundry executive who prosecutors say supplied an unlawful tip about the company's 2008 takeover by Brocade Communications Systems Inc that enabled a San Francisco hedge fund to make $27 million in profits and avoid losses. Manhattan U.S. Attorney Preet Bharara has made an aggressive push against insider trading. His office has secured convictions of 81 people since October 2009. Riley's trial is the first for Bharara's office since the July acquittal of Rengan Rajaratnam, a younger brother of convicted Galleon Group hedge fund founder Raj Rajaratnam. Riley, 48, was charged in 2013 along with Matthew Teeple, a former analyst from hedge fund Artis Capital Management, whom he
↧