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Legal Ethics

2nd Former Ropes & Gray Associate Pleads Guilty in Insider-Trading Case

Posted Jan 14, 2011 7:24 PM CDT
By Martha Neil

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A second onetime Ropes & Gray associate has pleaded guilty to making unauthorized use of confidential law firm client information in a wide-ranging insider-trading case in which certain individuals connected with the Galleon hedge fund have also been accused.

Patent attorney Arthur Cutillo, 34, admitted that he was paid $32,500 by a former college roommate, who is also a lawyer and also a defendant in the case, in exchange for providing inside information about possible corporate mergers, according to the Dealbook blog of the New York Times and the Wall Street Journal (sub. req.).

Cutillo and another ex-Ropes & Gray associate, Brien Santarlas, allegedly gave information to Cutillo's former roommate, Jason Goldfarb, who is a personal injury attorney, as well as to a former employee at Galleon. Goldfarb has pleaded not guilty.

Santarlas is reportedly cooperating with prosecutors; Cutillo, who is now working as a waiter, is not.

Articles published by Bloomberg and Reuters provide additional details.

A copy of the plea agreement is provided by Scribd.

Earlier coverage:

ABAJournal.com: "Ropes & Gray Associate Arrested in Galleon Probe"

ABAJournal.com: "Former N.Y. Associate Disbarred After Fraud Conviction"

ABAJournal.com: "Former Sullivan & Cromwell Lawyer Is Among Galleon Defendants"

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