Lawyers, others plead not guilty to massive US insider trading scheme
Prosecutors say the decade-long scheme netted tens of millions of dollars and involved tips on nearly 30 mergers.
- On Monday, 15 defendants, including former law firm associate Nicolo Nourafchan, pleaded not guilty in Boston federal court to charges involving a decade-long insider trading scheme centered on nearly 30 underway mergers.
- Prosecutors say the scheme began in 2014 after Nourafchan graduated from Yale Law School and started at Sidley Austin, orchestrated by him and personal injury attorney Robert Yadgarov and netting tens of millions of dollars.
- Thirty people in total face charges in the case, with prosecutors alleging defendants used coded messages related to their backgrounds, referring to one deal as a "flight to Israel" and another as a "rabbi."
- U.S. Magistrate Judge Judith Dein warned defendants, "You may have different interests as this goes on," while defense lawyer Michael Kendall told reporters, "Evidence is more important than press releases."
- Lawyer Gabriel Gershowitz, who secretly pleaded guilty last year, is now cooperating with prosecutors, while Florida resident Joseph Suskind faces specific charges involving trading on merger tips.
14 Articles
14 Articles
Elite corporate lawyers accused of earning millions on decades-long insider trading plead not guilty
Fifteen people, including a lawyer who worked at several major law firms, pleaded not guilty on Monday to federal charges that they participated in a decade-long scheme in which attorneys fed an insider trading ring tips about nearly 30 underway mergers.
Lawyers, others plead not guilty to massive US insider trading scheme
Fifteen people, including a lawyer who worked at several major law firms, pleaded not guilty on Monday to U.S. charges that they participated in a decade-long scheme in which attorneys fed an insider trading ring tips about nearly 30 underway mergers.
15 Defendants Plead Not Guilty in Merger Insider Trading Case
What Are Prosecutors Alleging? Fifteen people, including a lawyer who previously worked at several major U.S. law firms, pleaded not guilty on Monday to charges tied to an alleged decade-long insider trading scheme built around confidential merger information. Nicolo Nourafchan, who worked at Sidley Austin, Latham & Watkins, and Goodwin Procter, appeared in federal court in Boston to enter not guilty pleas to securities fraud and other charges. …
Massive Insider Trading Scheme Draws Not Guilty Pleas
A massive insider trading scheme involving lawyers, traders, and confidential merger information has become one of the most significant securities fraud cases in recent years. Federal prosecutors allege that attorneys at several major law firms leaked highly sensitive corporate information to a network of traders who generated millions of dollars in illegal profits. The defendants have denied wrongdoing and recently entered not guilty pleas in f…
Lawyers plead not guilty in alleged insider trading ring
Fifteen defendants, including an ex-Goodwin Procter associate, pleaded not guilty Monday to allegedly participating in an insider trading scheme involving confidential information about mergers and acquisitions allegedly stolen from some of the largest U.S. law firms.
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