Sunday, October 18, 2009
These are the words of US Attorney Preet Bharara on the charging of six defendants "with allegedly making more than $20 million in profits through insider trading." (See Statement here) What is also noteworthy here is that this, a white collar case, used wiretaps. It isn't often that we see wiretaps in white collar cases, but it does happen sometimes. US Attorney Bharara notes that "we believe that this case represents the first time that court-authorized wiretaps have been used to target significant insider trading in Wall Street."
He ends his remarks by stating - "Today, tomorrow, next week, the week after, privileged Wall Street insiders who are considering breaking the law will have to ask themselves one important question: Is law enforcement listening?" It all sounds OK if criminality really is occurring - but the idea of someone listening to telephone calls is not otherwise particularly appealing.
Charging Documents here
Press Release here