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A hedge-fund insider-trading case has ensnared a former Food and Drug Administration official, one of the first criminal actions focused on how Wall Street gathers information from Washington. Federal prosecutors on Wednesday unveiled charges against a current and a former portfolio manager of hedge- fund firm Visium Asset Management LP, accusing them of trading on confidential government information about generic-drug approvals. (Viswanatha and Matthews, 6/15)

Federal prosecutors on Wednesday charged a hedge fund manager with engaging in a Washington-style insider trading scheme, allegedly reaping a $32 million profit using confidential government information. The scheme involved Sanjay Valvani, a 44-year-old New York hedge fund manager, and Gordon Johnston, 64, of Olney, Md., who spent more than a decade working at the Food and Drug Administration, according to allegations filed in a complaint by the Securities and Exchange Commission and the U.S. Attorney of Manhattan. Johnston served as a “political intelligence” consultant to Valvani, making as much as $5,000 a month for bringing the hedge fund manager confidential information mined from his relationships with former FDA colleagues, the complaints alleged. (Merle, 6/15)