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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.