U.S. District Judge Jed S. Rakoff of the Southern District of New York, in an interview with former Manhattan U.S. Attorney Preet Bharara, on Friday criticized the “judge-made” nature of federal insider trading law and called on Congress to address various “difficulties” that had been created by inconsistent court rulings.
Rakoff, a 24-year veteran of the U.S. District Court for the Southern District of New York, said the law surrounding insider trading prosecutions and civil actions had become muddled and confusing in light of sometimes conflicting appellate court rulings that highlighted the need for congressional guidance.
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