NEW YORK, Nov. 5 (Xinhua) -- Fourteen people, who have been charged in a federal investigation of insider trading in the hedge fund industry, were arrested on Thursday.

    The defendants include hedge fund traders and money managers, a mergers and acquisitions attorney, a corporate executive, and an associate analyst for the Moody's credit rating agency.

    The case alleges that money manager Zvi Goffer led an insider trading ring, first based at the Schottenfeld Group, where he worked in 2007. Goffer then moved on to Galleon, then started his own firm, Incremental Capital, reported CNBC.

    Last month, Raj Rajaratnam, a billionaire and the founder of the Galleon hedged fund company, was charged along with five others in an insider trading scandal. The new charges appear to gofar beyond the Galleon case.

    Much of the alleged insider trading involved the private equity boom in 2007, according to the complaints. FBI agents trailed members of the ring for more than two years.