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FBN's Charlie Gasparino reports senior law enforcement sources say the government's big push to investigate insider trading is winding down
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Well is that massive crackdown on insider trading by the government finally coming to an end Charlie Gasparino has exclusive details and tell -- Come and you -- hole -- area.
Easily treated by the government.
That would affect -- -- expected shouldn't say that insider trading investigation that the government investigation by the government.
That's.
I don't think -- obviously trading -- it.
It was really all too little talk on the stock acting really there was an issue with insider trading among congress.
67 convictions and a lot of people -- to that the FBI that they have hundreds of backlog cases.
Here's who we know from seeing a law enforcement sources there tell the Fox Business Network.
That the crackdown as we know right now.
Which led to as you know there is some weeks where was at every every day we saw something this massive crackdown.
Is essentially winding down that we're not gonna see the level of cases that they -- not as he spoke in the in the past we've -- -- -- and went and that would that would they may be a few more left out -- people talk about one big fish left we don't know what that is.
We do know that this thing which has been running pretty much.
Nonstop since 20022009.
When Raj Raj Rodham was arrested.
And then -- continued many others based on multiple performance but we we are being told.
But the likelihood of that type of activity is really rapidly coming to -- again why why why that -- you're -- doesn't mean zero it means that.
Basically at this point that this thing is -- that we should point out though.
Even though this is going on.
It Steve Cohen of SEC capital someone who's in the news -- they'll guy that.
A lot of people and point fingers at -- possibly engaging in some of these activities never been charge he denies the charges.
That he is still we are told an obsession by law enforcement sources and -- one thing I want to clear up.
Couple months ago we reported I think on the show about how Steve Collins phone was tapped right in as a higher in 2007.
As part of this crack down his lawyers and some of these people called -- listen listen.
You need to make a fine distinction here whether they got specific wiretap before authority to tapped his phone -- -- he was just kind of being dragged in as aside party.
And if he was being dragged in as a side -- as they had someone else's phone -- and other informants phone tapped.
It was just what it found about a conversation that he was on what's happened it's not so bad they're not looking at Steve -- specifically are they saying that's but it -- -- what we will we know.
Is that it's the more serious -- Steve Cohen that the federal authorities sources tell the fox does network did receive specific wiretap authority.
To -- Steve Cohen's -- back into thousands and we should point out that the evidence that they accumulated at that point as reported earlier.
Was inconclusive but the point being here is.
This feds were interested specifically in him they heard a lot of chatter about and they had witnesses that talked about how -- the sense that his fund.
He's been known to engage in insider trading activities like as it never been never been prosecuted.
Never been never been charged he has been I'm sure they've been they've -- People in act that fun that I worked at SEC.
Have been caught up in this investigation Steve Cohen himself DO not nice -- -- winding down -- -- but the point is just me make this point point is.
They went after him specifically because of -- the -- -- wise is winding down -- I think it's just a notion of you know let you know what they'd been through it all you know they've.
They this thing his started out with two essential cases one involving Raj -- -- And then -- they grew out of that that involved a guy named David -- he was that he was an informant.
That got a lot of the other side side.
Not the household name -- -- Raj Raj Rodham.
Gallium found there involved Roger couturier Goldman we need to be sentence as we talked about thought that was one case and -- societies I just think.
They're big they've gone through -- all you know the wiretaps.
I guess you need another sort of -- here for the state to sort of pick up steam again from but you know that doesn't mean it won't be more.
But I'm telling you from what I understand it's coming to an end there bigger picture Charlie with so many other scandal investigations going on community news flow.
That -- hedge fun and its investigation involved in that -- your reporting on has been pushed to the -- a little bit.
I don't think so I I talk about it winding down I I I don't think so I I think.
-- I think this was winding down prior based on what I know prior to the Libor scandal everything -- I think listen.
Is -- trading -- be kind of an obsession among federal prosecutors why is it because it's an easy thing for them to prosecute its very are not going away.
-- -- -- I don't know you know I I I don't know available what I'm saying it's easy.
It's it's right -- we'll -- they know how to do it.
Showing fraud like really high level fraud and manipulation -- we're just despite what we're seeing.
The newly little more difficult right -- all those traders on an -- -- ways that -- they're on tape and everything they were they would do you know -- the Fed people talk the talk -- And they admitted it well guess what they even think that we do anything wrong -- Maybe they were but they -- they'd never really hiding it for a distinction.
