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May 10, 2016

WSJ Criticizes U.S. Attorney for Fighting Case over Wrongful Insider Trading Prosecution

The Wall Street Journal editorial board rips U.S. Attorney Preet Bharara for challenging an order allowing a lawsuit by former hedge fund manager David Ganek against Bharara’s office.

Ganek is claiming his civil and constitutional rights were violated when Bharara’s office and the FBI raided his fund’s office over insider trading allegations in 2010. The Second Circuit later held there was “no evidence” of wrongdoing, but Ganek was forced to close the fund. The “feds now concede that the affidavits used to obtain the warrant contained false testimony about Mr. Ganek’s alleged involvement in the insider non-scheme.”

“Mr. Bharara’s team generated inaccurate information that ruined a business and several careers, yet his response is to delay and hide in a legal spider hole,” notes the editorial. “You’d think Mr. Bharara the legal ethicist would prefer to know what’s going on in his own house.”

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