Preet Bharara, Defense Lawyer Not Yet Seeing Eye To Eye On How Visium PM Generated $25 Million Profit

He said/he said.
By United States Department of Justice ( [Public domain], via Wikimedia Commons

Photo: US DOJ , via Wikimedia Commons

According to Preet Bharara and the rest of the gang at the U.S. Attorney's office for the Southern District of New York, Visium Asset Management portfolio manager Sanjay Valvani scored himself a tidy little profit of $25 million by trading on tips he obtained from an ex-FDA official about a buncha pending drug approval. (Also playing for Team Bharara are a former colleague of Valvani's and the FDA official in question, both of whom are cooperating.) According to Valvani's lawyer? Homeboy earned that money by performing hardcore due diligence specifically and being generally being a kick-ass investment professional.

"Sanjay Valvani is an innocent man whose investment decisions were always based on rigorous and entirely appropriate research and analysis," his lawyer Barry Berke said in a statement. Berke also accused Bharara of "stretching the facts and law to try to transform entirely innocent trading decisions into a crime."

U.S. charges hedge fund manager Valvani with insider trading [Reuters]