From the press release announcing David Ganek's Fifth- and Fourth-Amendment-based lawsuit against the U.S. attorney for the Southern District of New York, Preet Bharara, in connection with raid that the release calls "one of the only instances ever when FBI agents have raided a financial services organization without simultaneously making arrests or filing charges. That raid directly and predictably led to the closing of Level Global and cost nearly 60 innocent people their jobs and reputations"...
Bharara has since acknowledged that the closure of Level Global was a predictable response to the search, stating during a July 18, 2012 appearance on CNBC:"...firefighters, just like prosecutors in my office and other regulators, they are conditioned and they're trained to make sure that you don't do undue damage. But you've got to figure out whether or not there's a fire. And firefighters sometimes will go into a building to make sure they're saving lives and putting out the fire, and it turns out it was just smoke, but damage occurs to the building. And damage occurs, as I understand it, and as people in my office are sensitized to understanding it, to business organizations, even from the mere opening of an investigation. And we know that."
