The investigation appears to be going down a different path.

A Federal official said the investigation "doesn't appear at this time to be going anywhere."

But the investigation appears to be going beyond fraudulent trades on the floor.

However, in the latter part of the year, the investigation appeared to have gone cold.

At this stage, people involved in the case said, his investigation appeared to be completely independent of the federal inquiry.

But this investigation, she said, appeared to be different.

They cautioned that the investigation appeared to be in its early stages.

The investigations into the two officials do not appear to be directly related.

By last spring, the investigation appeared to be gathering momentum.

He said the investigation did not appear to be related to product quality.