Another day, another asset manager indicted for insider trading.

Ralph Cioffi, after his arrestProsecutors sought to hammer home their case against two former Bear Stearns hedge fund managers yesterday, emphasizing what they called the two men’s “black and white” lies.

“This trial isn’t really about hedge fund strategy,” Ilene Jaroslaw, assistant U.S. attorney, told jurors during her closing argument yesterday. “This case is about what the defendants said and what they did, and all their lies.”

A federal judge has refused to cut accused insider-trader Raj Rajaratnam’s record-setting bail, but he will allow the Galleon Group founder to travel farther beyond New York City.

Legendary hedge fund manager Julian Robertson has won his battle with New York City over a $27 million tax bill from nine years ago.

The insider-trading scandal that has engulfed several hedge funds is getting perilously close to one of the biggest names in the hedge fund industry: SAC Capital Advisors.

Touradji Capital Management has countersued two former employees, claiming they cost the commodities hedge fund shop millions.

One of the two U.S.-based businessmen linked to the alleged K1 Group hedge fund fraud in Germany has pleaded not guilty.

Nine more people have been arrest and 14 more have been charged in the insider-trading scandal surrounding the Galleon Group.

Among those arrested is a pair of former Galleon employees and four people who work at hedge fund Incremental Capital. The new collars come three weeks after Galleon founder Raj Rajaratnam was arrested and charged with spearheading the insider-trading ring.

Tarred by the Raj Rajaratnam insider-trading scandal, hedge fund New Castle Funds is moving to distance itself from its indicted co-founder and to reassure investors.

The trial of two former Bear Stearns hedge fund managers accused of fraud is drawing to a close, with closing arguments in the case scheduled to begin tomorrow.