7 charged in $61M single-trade stock fraud case NEW YORK (AP) - A hedge fund co-founder, four financial analysts and a Dell Inc. employee teamed up in a record-setting insider trading scheme that netted more than $61.8 million in illegal profits based on trades of a single stock, authorities said Wednesday as they described a cozy network of friends in finance who made the most of their connections with corrupt employees of technology companies. The scheme was described in a criminal complaint in U.S. District Court in Manhattan that charged four of the men with conspiracy to commit securities fraud and securities fraud, among other charges. Three analysts have already pleaded guilty and are cooperating with the government, according to the court papers. The insider trading plot as authorities described it would be noteworthy for its size. Last month, hedge fund founder Raj Rajaratnam began serving an 11-year prison term - the longest ever given in an insider trading case - for a scheme that prosecutors said produced as much as $75 million in profits on dozens of trades over a multi-year period. That prosecution resulted in more than two dozen convictions and led to a spinoff probe that produced even more arrests. In the new case, prosecutors again are highlighting its size, saying the co-conspirators netted more than $61.8 million in illegal profits based on trades of a single stock from 2008 through 2009. Anthony Chiasson, a co-founder at former hedge fund group Level Global Investors LP, was among three men arrested early Wednesday. He surrendered to the FBI. Jon Horvath, an analyst at Sigma Capital Management, an affiliate of hedge fund SAC Capital Advisors in Manhattan, was arrested at his New York City home while Todd Newman, a hedge fund portfolio manager, was arrested in Needham, Mass. It was not immediately clear if a fourth man charged in the complaint, analyst Danny Kuo, was in custody. The illegal profits in the case were made after tips were shared among co-conspirators about upcoming earnings announcements regarding Dell and Nvidia Corp., according to court papers. Lawyers for the defendants could not immediately be reached for comment.