“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.
Judge Richard Holwell
presiding judge at the Galleon trial
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.”
Josh A. Cohen
Legal Expert
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.”
Preet Bharara
United States Attorney for the Southern District of New York (SDNY) at the time of the Galleon trial
“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.”
Jonathan Streeter
lead prosecutor during the Galleon trial

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