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Stories of Interest
- Bill Cosby Found Guilty of Sexual Assault
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
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NEWSLETTERS & ALERTS
David Ganek Loses Bid to Sue Preet Bharara
The U.S. Second Circuit Court of Appeals dismissed the lawsuit brought by David Ganek against former U.S. Attorney Preet Bharara. Ganek, who founded the now-defunct Level Global hedge fund, claimed that federal investigators “fabricated evidence” in order to raid his offices in 2010, as part of Bharara’s large crackdown on insider trading.
The court determined that there was “probable cause” to search the full office based on statements made by former Level Global analyst, and government informant, Sam Adondakis. Based on allegations of insider trading at the firm, there was “at least a fair probability to think that [Ganek’s] office was among the LG premises where evidence of an insider trading scheme would be found,” the Second Circuit ruled Tuesday.
Level Global co-founder Anthony Chiasson was charged and convicted of insider trading but the conviction was overturned in 2014. Ganek was never charged, but the negative publicity from the raid - and the client redemption requests that followed - forced the firm to shut down in four months later. At the time of the raid, Level Global was managing $4 billion.