The U.S. Second Circuit Court of Appeals dismissed the lawsuit brought by David Ganek against former U.S. Attorney Preet Bharara. Ganek, who founded the now-defunct Level Global hedge fund, claimed that federal investigators “fabricated evidence” in order to raid his offices in 2010, as part of Bharara’s large crackdown on insider trading.

The court determined that there was “probable cause” to search the full office based on statements made by former Level Global analyst, and government informant, Sam Adondakis. Based on allegations of insider trading at the firm, there was “at least a fair probability to think that [Ganek’s] office was among the LG premises where evidence of an insider trading scheme would be found,” the Second Circuit ruled Tuesday.

Level Global co-founder Anthony Chiasson was charged and convicted of insider trading but the conviction was overturned in 2014. Ganek was never charged, but the negative publicity from the raid - and the client redemption requests that followed - forced the firm to shut down in four months later. At the time of the raid, Level Global was managing $4 billion.