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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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30 Charged in Alleged Global Insider Trading Ring Targeting Law Firm Secrets
Federal authorities unsealed charges Wednesday against 30 individuals in what they call a massive, decade-long insider trading scheme that exploited confidential information from major U.S. law firms. The indictments accuse corporate attorneys, financial professionals, and others of stealing material non-public information on nearly 30 mergers and acquisitions and trading on the details for illicit profits. Nineteen defendants were arrested. Co…
·New York, United States
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Total News Sources19
Leaning Left4Leaning Right2Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 31%
C 54%
15%
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