NY - US prosecutors who used wiretaps to make their insider trading case against billionaire Raj Rajaratnam, founder of hedge fund firm Galleon Group, said they would use similar tactics to fight future Wall Street crimes.
The US attorney for Manhattan, Preet Bharara, said on Friday the justice department would employ the same kind of electronic surveillance traditionally reserved for organized crime, drug syndicates and terrorism prosecutions.
Bharara, whose office has jurisdiction over the headquarters of some of the world’s biggest financial firms, said investigators relied on wiretaps to build a case against Rajaratnam and former directors at a Bear Stearns hedge fund.
He said it was the first time wiretaps had been used to target insider trading. (more)
