Manhattan U.S. Attorney Preet Bharara says the Supreme Court may soon make it easier for his prosecutors to pursue such cases. Speaking at a CEO meeting Tuesday he said there is “cautious optimism” the Supreme Court will “correct what we think is the clear mistake,” referring to a 2014 appeals court decision that threw out a major insider trading case.
Last month, Supreme Court heard arguments in an insider-trading case where tips passed through relatives.In 2016, a New York federal appeals threw out a case which involved tips passed through a chain of traders. Bharara also said he would like to think that the level of aggressiveness in law enforcement will remain the same. “You’re talking about things like keeping the markets fair and keeping the government honest, and I don’t think we are seeing a departure from that, unless I’m missing something big.”
Mr. Bharara said most of his office’s insider-trading cases still stood the test of time. The now bankrupt SAC Capital hedge fund , which pleaded guilty in 2013 paid $1.8 billion in penalties. Bharara sees similar cases coming forward.
Jeffrey Newman represents whistleblowers.