For the SDNY, there was no bigger name in insider trading prosecutions than Jonathan Streeter, who was part of the prosecution dream team that brought down Raj Rajaratnam and others.
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Law and economics teaches that insider trading causes no important harm and, by transmitting the inside information to the market, brings an important benefit: more accurate share prices.
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So local courts do not even have the experience and the jurisprudence to try cases of price manipulation and insider trading as no such case has ever been brought to them before.
There is no question that being attached to an insider trading case, even without being directly charged, carries a substantial reputational risk.
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He has been found guilty of insider trading, though in Italy no conviction is definitive until confirmed by the final appeals court, which is yet to happen in Mr Gnutti's case.
But there is no real need to delve into or pursue illegal insider trading.
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The report describes "dysfunctional" enforcement, "complicated and entrenched governance problems", "clear instances of insider trading and market manipulation that resulted in no action", and "woefully inadequate" surveillance.
Instead, the major white collar prosecutions since 2008 have come largely in the insider trading setting, and those have had no direct connection to the credit crisis.
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Bush was investigated for possible insider trading, but the SEC concluded there was no evidence that he knew at the time of his June 1991 stock sale that the company would soon revise its earnings downward.
No Big 4 audit firms or their partners have been named in the insider trading scandal surrounding the now-defunct hedge fund Galleon Management.
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Of course, to be completely fair, no champion of alternative funds, no matter how enthusiastic, would ever go so far as to support insider trading or illegal market abuse.
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