Lawyers at M&A Law Firms Among 30 Charged by US in Insider Trading Scheme
Prosecutors said the scheme used stolen merger information from law firms and generated tens of millions in illicit profits.
- Federal prosecutors announced Wednesday that 30 people have been indicted in a decade-long insider trading scheme that netted tens of millions in illicit profits by exploiting confidential merger information stolen from top law firms.
- Attorneys allegedly accessed internal computer networks at major law firms to view pending merger documents, then shared tips with traders and middlemen in exchange for hundreds of thousands of dollars in cash kickbacks.
- Federal agents arrested 19 people on Wednesday, with indictments detailing nearly 30 major merger deals including Amazon's 2022 proposal to acquire iRobot, a transaction later abandoned amid antitrust concerns.
- Latham & Watkins confirmed it was a victim, stating, "The conduct as alleged would reflect a serious violation of our robust policies and procedures." Goodwin Procter said it was "deeply disappointed" in the alleged conduct.
- The 19 arrested defendants are scheduled to appear in federal courts across California, Florida, and New York, while two suspects located in Russia and Israel remain fugitives, prosecutors said.
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Federal Authorities Charge 30 in Alleged Decade-Long Insider Trading Scheme Tied to Major Law Firms
Federal authorities on Wednesday unsealed charges against 30 individuals accused of participating in a large-scale insider trading operation that allegedly spanned nearly a decade and ... The post Federal Authorities Charge 30 in Alleged Decade-Long Insider Trading Scheme Tied to Major Law Firms first appeared on [your]NEWS.
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A ring of elite corporate lawyers were accused of illegally trading on inside info about blockbuster deals over a decade, using a bizarre code that referred to one merger as a "rabbi" and raking in tens of millions of dollars in ill-gotten profits, according to federal prosecutors.
View: The next big insider-trading case won’t look anything like this
Liz’s viewFederal prosecutors’ indictment of 30 white-shoe lawyers and their associates, alleging more than a decade of insider trading on corporate mergers, is both juicy and quaint. Savor it. The next big insider-trading case will look nothing like this one.The case unveiled yesterday in Boston federal court alleges a widespread ring of lawyers and middlemen used secret, if blundering, code (takeovers were “flights,” “surgery,” and “weddings”)…
Former Biglaw Attorney Allegedly Turned His Résumé Into A Decade-Long Insider Trading Operation
Well. This is not great for the legal profession. The DOJ announced an indictment yesterday against 30 corporate attorneys and financial professionals in connection with a sweeping insider trading scheme that prosecutors say targeted some of the country’s most prominent Biglaw firms. Federal prosecutors in Boston described it as a vast, decade-long scheme that netted the defendants tens of millions of dollars in illicit profits. The indictment r…
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