It's getting harder to put Wall Streeters behind bars

US Southern District Attorney Preet Bharara has racked up dozens of convictions of insider traders like Galleon Group CEO Raj Rajaratnam and former McKinsey managing director Raj Gupta.

But recent high-profile cases being overturned in appellate courtrooms could open the SEC to a flood of challenges and hamper its ability to prosecute existing cases in its pipeline, former prosecutors told Business Insider.

Bharara towered over Wall Street with an unblemished streak of convictions against white-collar crooks over an extended period.

Now the successful appeal of the SEC’s case against Diamondback Capital Management’s Todd Newman and Level Global fund manager Anthony Chiasson and the US Supreme Court’s refusal earlier this month to review that ruling backed Bharara into a corner, lawyers say.

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