Tech Won't Protect Wall Street Criminals: Bharara
NEW YORK (TheStreet) - Wall Street criminals will still be caught even if they are using the latest communication technologies, vowed U.S. Attorney Preet Bharara during an interview with TheStreet's Jim Cramer.
"Nobody should feel safe because they are using a particular method of communication," he warned, at CNBC and Institutional Investor's Delivering Alpha conference, and promised that wrongdoers will be brought to justice.
Cramer had used the example of Snapchat, a technology that can make messages disappear in three seconds. "Can the bad guys snapchat 'go buy Leap Wireless
"Technology is a big deal, and insider trading is a crime of communication," said Bharara. "Law enforcement is always trying to take the lead and always trying to stay a step ahead of the bad guys."
The U.S. Attorney acknowledged the challenges posed by some of the latest communication technologies, but explained that law enforcement makes effective use wiretaps and other methods of investigation.
"Human beings are human beings and if we get evidence against a particular person, people have to be worried not only that the Government is listening in realtime, but they have to be worried that their counter party in the crime, their partner in crime, will come to the Government and reveal all the criminal activity that you have discussed and that you have engaged in," he said.
Bharara also warned that criminals should not expect to evade justice with the passage of time.
"If you have done bad things and you're just looking at the clock to see if you're safe and you will have repose on the stroke of midnight on a particular day, that's not a good way to conduct yourself," he said. "People should be afraid that bad acts they have committed in the past are going to catch up with them."
--Written by James Rogers in New York.