Seven more Wall Street brokers and businessmen were arrested by the FBI Thursday on insider trading charges, law-enforcement sources told NBC New York.

The arrests are a second wave of charges after the head of the Galleon hedge fund and numerous others were charged last month for alleged corruption on Wall Street.

Investigators say those arrested today made profits of more than $20 million in illegal trades. US attorney Preet Bharara, FBI and SEC officials are expected to announce the charges at a news conference at noon.

The FBI confirmed the arrests but a spokesman declined to give further details. A US attorney spokeswoman declined comment

The billionaire founder of the Galleon Group hedge fund and five others were arrested in a $20 million insider trading scandal last month.

(Source: NBC New York)