The United States Attorney’s Office had “a major disagreement” with the Federal Bureau of Investigation (FBI) over the pre-dawn raid on SAC Capital portfolio manager Michael Steinberg’s insider trading investigation according to FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino. Gasparino went on to report that The U.S. Attorney’s Office does not believe in pre-dawn raids for insider trading, but the FBI is for it.
On the “major disagreement” between the FBI and the U.S. Attorney’s Office over the pre-dawn raid:
Q2 Hedge Funds Resource Page Now LIVE!!! Lives, Conferences, Slides And More [UPDATED 7/7 17:16 EST]
Simply click the menu below to perform sorting functions. This page was just created on 7/1/2020 we will be updating it on a very frequent basis over the next three months (usually at LEAST daily), please come back or bookmark the page. As always we REALLY really appreciate legal letters and tips on hedge funds Read More
“People inside the U.S. Attorney’s Office from Manhattan, that’s the office run by a guy named Preet Bharara had a major disagreement with the FBI over this pre-dawn raid. We should point out that Steinberg’s attorney went to great lengths to basically say my guy will turn himself in, he has no problem turning himself in. The FBI rejected that and also rejected the sort of, I guess you would say, the advice, the council of the U.S. Attorney’s Office not to do a pre-dawn raid to allow him to essentially turn himself in. The reason why in their opinion – the FBI believes, maybe you want to call them hard asses about this, but they believe there is a clear deterrent to having this stuff go down this way.”