A billionaire hedge fund manager and a group of top corporate executives including an IBM vice president and the director of strategic investments at Intel Capital have been charged in what prosecutors are calling the largest-ever hedge fund insider trading case.

The case involves the stocks of some of America’s top companies, stocks like Google and Advanced Micro Devices.

Raj Rajaratnam, the billionaire founder of Galleon Capital was one of six people charged in the $20 million insider trading scheme. The others arrested were: Rajiv Goel, a director of strategic investments at Intel Corp.'s investment arm; Anil Kumar, a director at global management-consulting firm McKinsey & Co.; Danielle Chiesi and Mark Kurland of New Castle Partners LLC, the one-time equity hedge fund group at Bear Stearns Asset Management Inc.; and Robert Moffat, a senior vice president at IBM.

The Securities and Exchange Commission also sued Rajaratnam today for engaging in insider trading.

Rajaratnam faces 13 fraud and conspiracy counts, many of which carry a maximum sentence of 20 years in prison. In a statement, Galleon said it was shocked by the allegations, had no knowledge of the investigation, and will cooperate with authorities. The hedge fund continues to operate, and is liquid, CNBC reports.

A McKinsey spokesperson told CNBC the consulting firm was “distressed” to learn of Kumar’s arrest. Intel said in a statement it hadn’t been contacted by authorities, but would cooperate fully.

"I want to stress that this is no garden variety insider trading case," said U.S. Attorney for Manhattan Preet Bharara, who called this the largest-ever hedge fund insider trading case. “Greed, sometimes, is not good.”

Rajaratnam, the government alleges, was at the center of several inside trades in which the 52-year-old graduate of the University of Pennsylvania’s Wharton School used Galleon funds, or passed along information to others.

“Raj Rajaratnam is not a master of the universe, but rather a master of the rolodex,” Robert Khuzami, Director of the SEC’s Division of Enforcement, said in a statement. “He cultivated a network of high-ranking corporate executives and insiders, and then tapped into this ring to obtain confidential details about quarterly earnings and takeover activity.”