Yup. The justification is that you have an unfair advantage against other parties in the bankruptcy. It was a big thing in the Bernie Madoff situation. Even if you didn't have early knowledge, you are still screwed. You can sue and maybe win, but it will cost a fortune and take years. They know this.
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Yeah. The difference was, with Madoff, it was pretty much big players. With this, there are smaller individuals involved. They likely wont have many resources to toss at it.
And as always, the lawyers make money.