NEW YORK -- FBI agents arrested five Wall Street workers on bribery and fraud charges Thursday morning, law enforcement sources said. One of the traders worked for Morgan Stanley and another for investment firm Janney, Montgomery Scott LLC.

The suspects were to be arraigned later Thursday in U.S. District Court in Brooklyn where they are expected to plead not guilty.

U.S. Attorney Roslynn Mauskopf said several of the suspects worked as "stock loan finders" and orchestrated bribe and kickback schemes totaling millions of dollars.

Peter Sherlock, Anthony Lupo, Craig Demizio and Donato Tramontozzi and Andrew Caccioppoli are facing conspiracy charges. The men are accused of directing stock-loan trades in exchange for payoffs. Investigators said Cacciappoli stole $350,000 from Janney by billing phony finder fees.

"Wall Street professionals who line their own pockets by fraud breach the fundamental duties owed to their employers and the investing public," Mauskopf said. New York's FBI Director Mark Mershon said the investigation continues and that agents were keeping a "watchful eye" on this kind of alleged scam.

If convicted, the defendants could face a maximum of 25 years in prison.