How much is Preet Bharara worth?
|Net Worth:||$1 Million
|Profession:||Former Federal Prosecutor|
|Date of Birth:||October 13, 1968|
Who Is Preet Bharara
Preetinder Singh “Preet” Bharara was born in 1968 in Firozpur, Punjab, India. His father is Sikh and his mother Hindu. His family moved to Monmouth County, N.J., when Bharara was a child, and he grew up in Eatontown. He attended Ranney School, a private prep school, in nearby Tinton Falls and graduated as the class valedictorian.
Bharara went on to attend Harvard College, where he graduated magna cum laude in 1990. He attended Columbia Law School and was a member of the Columbia Law Review on graduating in 1993.
Legal Career Begins in New York, Washington
Bharara served as the chief counsel to Sen. Charles Schumer, D-N.Y., and played a lead role in the United States Senate judiciary subcommittee’s investigation into the George W. Bush administration’s firing of U.S. attorneys.
From 2000 to 2005, Bharara was an assistant U.S. attorney in Manhattan for five years and prosecuted criminal cases against the bosses of the Gambino and Columbo crime families. He also brought cases against Asian gangs. He prosecuted a wide range of cases involving organized crime, racketeering, securities fraud, money laundering and narcotics trafficking.
Obama Names Him U.S. Attorney
President Obama nominated Bharara for U.S. attorney for the Southern District of New York on May 15, 2009 and he was unanimously confirmed by the U.S. Senate shortly after. He runs an office with more than 450 employees, including about 200 attorneys.
One of the biggest legal victories for Bharara’s office came in May 2011 with the conviction of hedge fund billionaire Raj Rajaratnam on insider trading charges. The conviction certified Bharara as the top enforcer on Wall Street. His office also has worked closely with the trustee who oversees the liquidation of Bernard Madoff’s businesses, the largest forfeiture in U.S. history.
In February 2012, his office settled a civil fraud suit against CitiMortgage. The bank admitted failing to comply with HUD loan requirements and agreed to pay $158.3 million to the U.S. government. He has also targeted the criminal activity of online poker operations.
Bharara has used a Complex Fraud Unit to crack down against internet criminals. In a June 3, 2012 Opinion essay published in the New York Times, Bharara sounded an alarm about the gathering threat of cyber crimes.
“As the United States attorney in Manhattan, I have come to worry about few things as much as the gathering cyberthreat,” he wrote “Law enforcement is racing to respond, filling its ranks and fortifying its defenses against cyber-malefactors. Businesses should worry, too. But my experience suggests that they are not doing nearly enough to protect themselves, their customers and their shareholders…
“Some say we are outgunned. But in my view, it is less a matter of being outgunned than being simply outdated — in our thinking and in our vision. Yes, there is an army of computer saboteurs, spies, thieves and nihilists who wish to do us harm.
But we have an army, too, or at least the makings of one, which can draw from the best of law enforcement, intelligence, business and academia.”
Bharara has worked to temper the aggressiveness of his office with appropriate restraint and responsibility. “You don’t want a justice system where you have prosecutors who are cowboys,” he has said.
Bharara is a member of the Attorney General’s Advisory Committee and serves as Chair of its Subcommittee on White Collar Fraud. Bharara is also a co-chair of the Securities and Commodities Fraud Working Group of the interagency Financial Fraud Enforcement Task Force.
On Becoming a U.S. Citizen
Bharara’s brother, Vinit, is an internet entrepreneur who founded Diapers.com in 2005.
Preet Bharara became a U.S. citizen in 1980. Because he was only 12, he did not have to take the naturalization test. “I think I would have done pretty well with it though,” he is fond of telling people.