The arrest on Wednesday of tech­nology ana­lyst Jon Hor­vath marks the fourth time in two years that U.S. author­i­ties have impli­cated or charged a person with engaging in insider trading while working at SAC Cap­ital. It is the latest to come from an inves­ti­ga­tion FBI agents have coined Oper­a­tion Per­fect Hedge.

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