Former Wachtell lawyer turned banker linked to insider trading case, sources say
Prosecutors say the scheme generated tens of millions of dollars in illegal profits from nearly 30 merger deals.
- Sources identified former New York-based Wachtell attorney Avi Sutton as the unindicted co-conspirator labeled CC-2 in an insider-trading indictment unsealed Wednesday, which charges nearly 30 people in a decade-long scheme.
- Prosecutors allege the scheme began in 2014 when Sutton, then an associate at Wachtell, started providing confidential details on forthcoming mergers, with the earliest cited instance involving Tim Hortons' acquisition.
- After joining New York-based LionTree in 2022, Sutton allegedly provided a tip in August 2023 regarding a potential deal involving the eBay-backed classifieds group Adevinta, continuing his pattern of misappropriating confidential information.
- LionTree stated on Friday that the individual was "immediately placed on leave and is no longer active at the firm," asserting it is a victim of the alleged scheme with no wrongdoing allegations.
- Wachtell confirmed the individual left more than four years ago, while authorities arrested 19 of the 30 charged individuals Wednesday, underscoring risks to law firm client confidentiality in M&A advisory work.
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UPDATE 2-Former Wachtell lawyer turned banker linked to insider trading case, sources say
The people familiar with the situation said he is the unnamed lawyer identified in one of the indictments as "CC-2" and described by prosecutors as a participant in the scheme. Sutton, who after leaving Wachtell became New York-based LionTree's general counsel and chief operating officer, did not respond to repeated emailed requests for comment.
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Former Wachtell lawyer turned banker linked to insider trading case, sources say
A former attorney at Wachtell, Lipton, Rosen & Katz who went on to join an investment bank is an unindicted co-conspirator in a vast insider trading case that involved tips from lawyers on corporate mergers, two people familiar with the matter said.
Former Wachtell, LionTree Attorney in Insider Trading Bust
A former attorney at Wachtell, Lipton, Rosen & Katz, who later joined boutique investment bank LionTree, has been identified as an unindicted co-conspirator in a vast insider trading case. Avi Sutton, who was LionTree’s general counsel and chief operating officer, is reportedly the unnamed former Wachtell attorney referenced in an indictment unsealed last Wednesday. Prosecutors unveiled charges against 30 individuals implicated in the decade-lon…
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