“The wiretap application was made with “reckless disregard for the truth with respect to both probable cause and necessity.” “Rather than provide a “full and complete statement” as required by the law, the wiretap affidavit made a “full and complete omission” and that FBI Agent Kang included “literally false” and “nonetheless misleading” information in his affidavit.
Legal expert Josh A. Cohen characterized Judge Holwell’s decision: “The real injury inflicted by the case goes much deeper. By emasculating the necessity requirement, Rajaratnam strikes at the very heart of Title III. Worse, there is no practical way to contain the damage.”
In a rare moment of sheepish public acknowledgement, both Bharara and the influential New York Times Magazine observed that the insider cases “made our careers, but they don’t change the world.”
“Insider-trading laws are ‘a little bit murky’ and confusing to investment professionals…”
“There’s incredible confusion on what is or is not illegal, and it’s a real problem…The law is very complicated and the lines are a bit murky.”
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