Live-Blogging The Feds' Insider Trading Announcement

12:02 This thing was supposed to start at noon but maybe they're putting the finishing touches on director of enforcement Robert Khuzami's make-up.

12:05 We'll be getting details on the alleged crimes of Barai Capital manager and analyst Samir Barai and Jason Pflaum, and former SAC PM's Noah Freeman and Donald Longueuil, the later of which worked in the CR Intrinsic division and left in summer 2010 to join Empire Capital. Longueuil and Barai are also being charged with obstructions of justice. According to the complain, Longueuil "destroyed flash drives and external hard drives."

12:30 Waiting...just waiting.

12:35 According to Robert Khuzami, this was a "hard-core trading scheme"

12:37 Bobby: "Those charged engaged in pervasive and pernicious activity"