A Wall Street lesser light with his own hedge fund is a veritable small world network in the widening Galleon Group insider trading scandal that has rocked Corporate America and marred the asset class.

Competent but unremarkable Zvi Goffer worked at broker-dealer Schottenfeld Group and stinted at Galleon Group before reinventing himself as a hedge fund entrepreneur with Incremental Group in 2008.

His brother, Emmanuel Goffer, worked at Spectrum Group before taking up with his older sibling. Keeping touch with erstwhile Galleon cohort Craig Drimal, and recruiting ex-Schottenfeld coworker David Plate and trader Michael Kimelman, Zvi Goffer went about the business of conducting a white collar scam that owed its modus operandi to “The Wire” and its coded rhetoric to “The Sopranos” mobspeak.

A crooked corporate serf at Intel Corp. or IBM Corp. or a law firm lowlife involved with 3Com Corp. would be armed with a disposable prepaid cellular phone from Goffer, who meanwhile worried about getting sent to “the big house” because of “a rat.” The upshot: Goffer would rake in an alleged $20 million—none of it legal, according to Preet Bharara, U.S. attorney in New York.

Bharara at a noontime press conference said Goffer was “gaming the system,” but it would be wrong to think that the insider trading crackdown, in which 13 people Thursday were arrested along with Goffer, was aimed “only or principally” at the trillion-dollar hedge fund industry.

In addition to Galleon and Incremental, Bharara cited a “colossal betrayal” Corporate America suffered from within, like when Arthur Cutillio , who worked at law firm Ropes & Gray and was also arrested, leaked scuttlebutt involving private equity firm Bain Capital and its bid for 3Com.

Still, the ever deepening case has enough pull to put the hedge fund industry on the defensive. In addition to Galleon and Incremental, the management at hedge fund consultant Far & Lee, Steven Fortuna, cofounder of Boston hedge fund S2 Capital, also got arrested, Bharara said.

Even though Bharara pointed out the scandal was bigger than a lone hedge fund trader “looking for an edge,” he could not help but wonder aloud if “Insider Trading II” as he called today, was just “the tip of the iceberg.”