If You Need Preet Bharara, He'll Be In His Office Screaming Into A Pillow
That, or poking seven Supreme Court justices-shaped voodoo dolls.
The Supreme Court on Monday refused to review an appeals court decision that made it harder to prosecute insider trading and threatens to undermine a number of convictions. As is their custom, the justices gave no reasons for turning down the case. The decision dealt a blow to Preet Bharara, the United States attorney in Manhattan, whose office oversaw a sweeping crackdown on insider trading in the $3 trillion hedge fund industry. The high court’s decision not to hear the case is a final vindication for Todd Newman and Anthony Chiasson, two former hedge fund managers who were prosecuted by Mr. Bharara’s office and convicted in December 2012. The Justice Department was seeking review of an appellate decision last year that overturned their insider trading convictions. The court’s decision could also jeopardize a number of other insider trading convictions secured by Mr. Bharara’s office, including one against Michael Steinberg, a former trader who worked for Steven A. Cohen, the billionaire investor.
Speaking of Steinberg AKA Mr. Bake Sale, he'd like his conviction overturned by end of business today, thank you very much.
Lawyers for Mr. Chiasson and Mr. Newman issued statements applauding the Supreme Court’s decision. A lawyer for Mr. Steinberg said the court’s decision should require that his client’s “conviction be thrown out as well.”
Supreme Court Denies Request to Hear Insider Trading Case [Dealbook]
Supreme Court derails Bharara’s Wall St. crusade [NYP]
