New York City's star federal prosecutor Preet Bharara suffers string of setbacks

New York's most famous prosecutor has suffered several major setbacks in recent months of a kind not seen since he arrived on the job as Manhattan U.S. attorney nearly six years ago.

For one, Preet Bharara lost out in the sweepstakes to become the next U.S. attorney general nominee to a fellow federal prosecutor from his own city — Loretta Lynch.

Bharara and his team have also had to deal with an appeals court's dismissal of insider trading convictions against two men, and prison sentences for five former employees of imprisoned financier Bernard Madoff that fell decades short of what the government sought.

The appeals court ruling has led to the unraveling of several other insider trading convictions among more than 80 that the office touted before the setback.