The FBI raided the offices of three hedge funds Monday, beginning its investigation into insider trading, The Wall Street Journal reports, citing people familiar with the matter. The FBI is planning to raid additional hedge funds, they said.

The FBI raided the offices of Diamondback Capital Management and Level Global Investors, both located in Connecticut and run by former managers of SAC Capital Advisors. The third hedge fund raided, Loch Capital Management, is in Boston.

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