>> Today we announce insider trading charges.>> US Attorney General Preet Bharara, the Federal prosecutor who's made a name for himself by going after insider trading on Wall Street, is at it again. Reuters court reporter Nate Raymond.>> In 2014 Preet Bharara's office, after pursuing this major insider trading crackdown, suffered this major setback as this big appellate ruling, wound up reversing two significant convictions, and resulted in 12 other people getting charges dropped.
They took some time off last year and only really charged four people. Now we got 11 people charged so far just mid-way into 2016.>> The second circuit court ruling that the trader receiving the tip had to know that the person giving the information was giving money or benefit of, quote, some consequence for doing so, forced Bharara to go straight to the source of the illegal information.
Since May alone, his office has brought charges against famed Las Vegas sports gambler, William Billy Walters, and hedge fund manager, Sanjay Valvani. Valvani committed suicide on Monday, just one week after being indicted.>> In a repeated pattern, Bharara's office has been convincing an alleged co-conspirator to plead guilty in secret pursuant to a cooperation agreement.
So then days later when they arrest the other individual in the scheme, they have someone, who can, you know should the case go to trial. Testify regarding any illegal benefits.>> Same tactics he used to snag a 2011 conviction of Galleon group founder Raj Rajaratnam and a $1.8 billion settlement along with a plea deal from Stephen A Cohen's SAC Capital in 2013, two of his most successful prosecutions.