Carlson Capital, a hedge fund based in Dallas, said on Friday that one of its former portfolio managers had received inside information from a industry consultant who has been arrested and charged with illegally passing on inside information.

The firm said that the portfolio manager left the firm in March 2011 and that it has fully cooperated with the government on its probe. Carlson also said that it is not a target of the investigation.

On Thursday, federal agents arrested John Kinnucan an outspoken research analyst, charging that he paid insiders with cash, trips and other perks to obtain secret company information. The government alleges that Kinnucan gave the Carlson portfolio manager an illegal tip in July 2010 and the manager used that information to buy 99,000 shares of F5 Networks Inc.

(Reporting By Svea Herbst-Bayliss; Editing by Tim Dobbyn)

Insider trading Raj Rajaratnam