In a week reminiscent of the late 1980s, when then-U.S Attorney Rudy Giuliani was leading a crusade against Wall Street fraud, another hedge fund manager has been indicted on insider trading charges.

Joseph Contorinis was indicted Friday and charged with securities fraud for allegedly trading on non-public information, earning profits of some $7 million. Contorinis was originally arrested in February. Reports at the time say he was a portfolio manager at Jefferies Group (JEF), but the complaint does not identify Contorinis’s firm.

The charges follow closely behind a slew of arrests in a wide-ranging insider probe conducted by the U.S. Attorney’s office, but do not appear to be related.

That case has netted 21 arrests, including seven on Thursday, and centers on trades by Galleon Group and its founder, billionaire Raj Rajaratnam. 

According to the complaint against Contorinis, Nicos A. Stephanou, an investment banker with UBS, tipped Contorinis off to a pending 2006 takeover of supermarket chain Albertson’s Corporation by a consortium of buyers.

Using the information, the U.S. Attorney alleges, Contorinis bought and sold more than three million shares of Albertson’s stock. According to the complaint, Stephanou also allegedly provided information to friends Michael Koulouroudis and George Paparrizos. All three were arrested in February.

Stephanou and Paparrizos have already pleaded guilty to charges of securities fraud and conspiracy to commit fraud.
Stephanou is awaiting sentencing, while Paparrizos was sentenced to six months home confinement and was ordered to pay a $10,000 fine and forfeit $22,000 in proceeds from the trades.

Koulouroudis was indicted on October 15 and charged with one count of conspiracy and nine counts of securities fraud.

A spokeswoman for UBS did not immediately return a call for comment on the indictment.

In the late 1980s Giuliani led a crackdown on Wall Street fraud, charging traders Ivan Boesky and Michael Milken in perhaps the highest profile insider trading case of all time.  The notoriety gained form that case, and his targeting of mafia kingpins, eventually lead to a political career for Giuliani.