The government has been sniffing around hedge funds for years — now, like a dog that’s found where the bone is buried, it has started digging. And the SEC has made clear that it wants blood from the largely unregulated hedge fund industry.

For nearly two years, drug dealer-turned-paid FBI snitch Deneal Bobo has been taping drug exchanges with a camera hidden inside a baseball cap, helping federal prosecutors in California indict no less than seven people on crack dealing charges. Even though Bobo has continued to commit crimes while on the government payroll, his targets’ guilty pleas are piling up. Yet the progeny of prosecutions fathered by Bobo also led to a stinging rebuke of the government’s tough new sentencing policies.

Two former Luzerne County judges are expected to be arraigned on racketeering and related charges next week, according to a federal magistrate judge for the Middle District of Pennsylvania. The arraignment, scheduled for 10 a.m.

A federal grand jury has handed down a 48-count indictment against two former Luzerne County, Pa., judges, alleging the men engaged in racketeering and related charges, federal prosecutors announced Wednesday. The indictment comes about five weeks after a federal judge rejected the conditional plea agreements of Michael Conahan and Mark Ciavarella Jr.