Feds Make First Arrest in Insider Trading Sweep

Federal authorities have made the first of what's expected to be many arrests in their huge insider trading investigation. A US Attorney in Manhattan announced charges today against Don Ching Trang Chu, an employee of an expert-networking firm that supplied "market intelligence" to hedge funds. Prosecutors say the New Jersey resident was scheduled to depart for Taiwan on Sunday.

Prosecutors said his firm was based in Mountain View, California, but has offices in Manhattan. The charges apparently resulted from information developed after arrests last year in what prosecutors described as the largest hedge fund insider trading bust in history. For more on the investigation, click here. (More insider trading stories.)