Business of Law
Major Del. Law Firm at Which IT Manager Allegedly Traded on Client Merger Info Is ID’d
Posted Dec 8, 2010 4:30 PM CST
By Martha Neil
One of Delaware's biggest and best-known corporate law firms was reportedly the victim of an alleged insider-trading scheme by a former information technology and security manager.
Although not identified in a Securities and Exchange Commission complaint filed against Jeffrey Temple, 40, the law firm from which he stole client merger information he was paid to safeguard was Richards Layton & Finger, reports the Philadelphia Inquirer's PhillyDeals blog.
The newspaper says the firm—which is not accused of any wrongdoing by the SEC and reportedly fired Temple once it was aware of the accusations against him—has confirmed that he formerly worked for Richards Layton and notes that his alleged actions violated law firm policy.
"The firm has cooperated fully with the federal government in its investigation, no attorneys or other employees of the firm were involved, and no harm to clients has occurred as a result of the alleged activity," Richards Layton said in a written statement provided to PhillyDeals.
Additional details about the alleged insider-trading scheme by Temple and his brother-in-law and a link to the SEC complaint are provided in an earlier ABAJournal.com post: "SEC Says Law Firm Tech Manager Used Merger Info from 20 Clients for Insider Trading Scheme,"
Hat tip: Am Law Daily.