February 29, 2012 / 2:08 PM / 7 years ago

Goldman manager investigated for insider trading role: report

(Reuters) - Federal authorities are investigating David Loeb, a managing director of Goldman Sachs Group Inc, as part of an insider trading probe focusing on technology stocks and the company’s hedge fund clients, the Wall Street Journal reported on Wednesday, citing people close to the matter.

Loeb, 41, would be the latest Goldman official to be investigated after Rajat Gupta, a former Goldman director, who faces trial in May for insider trading. Goldman technology analyst Henry King is also under investigation, the WSJ reported.

Loeb, who deals with many technology hedge fund employees, worked closely with King, the paper said citing the sources. Documents filed in the case against Gupta referenced an insider at Goldman other than Gupta who provided inside information to a hedge fund client. That person is said to be Loeb, the WSJ reported.

Calls to Goldman Sachs and the FBI were not answered outside U.S. business hours.

On Monday during a press briefing, the FBI said to date, out of 64 arrests made in “Perfect Hedge,” the name given to the investigation, 59 people have been convicted or have pleaded guilty.

Reporting by Eileen Anupa Soreng in Bangalore; Editing by Matt Driskill

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