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2nd Circ. Knocks Preet Down, Not Out

Law360, New York (December 10, 2014, 6:13 PM EST) -- While the Second Circuit’s landmark ruling Wednesday overturning the insider trading convictions of two hedge fund managers may threaten some of Manhattan federal prosecutor Preet Bharara’s criminal insider trading convictions, the prosecutor’s hard-as-nails legacy is likely to remain untarnished.

In reversing the convictions of former Level Global Investors LP manager Anthony Chiasson and former Diamondback Capital Management LLC manager Todd Newman, the appellate court limited the government’s ability to bring criminal cases against so-called tippees, raising the bar for prosecutors everywhere and dealing a blow to...
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