U.S. Attorney for the Southern District of New York Preet Bharara said Tuesday there are investment advisor frauds still being looked at.

He would not elaborate.

Speaking at Securities Docket’s Securities Enforcement Forum in Washington D.C., Bharara countered former Securities and Exchange Commission Enforcement Director Robert Khuzami’s contention at the meeting that insider trading violations are tough to deter.

The SEC and his office can work together to create a substantial deterrence, Bharara said.

He also said the contention by some executives that there is a spiraling of penalties much more severe than the infractions.

“(We’ve) seen massive forms of misconduct by large institutions over the years. When you have massive kinds of frauds you are going to have massive kinds of penalties,” Bharara said.

He criticized companies being investigated for refusing to acknowledge obvious wrongdoing to his investigators, adding he was dismayed to see financial companies promote, instead of demote, managers who were in charge of units that lost hundreds of millions of dollars