Former Cravath employee charged with insider trading
A former Cravath, Swaine & Moore employee has been arrested on charges of insider trading, according to federal prosecutors in Brooklyn, New York City. (Image from Shutterstock)
A former Cravath, Swaine & Moore employee has been arrested on charges of insider trading, according to federal prosecutors in Brooklyn, New York City.
On Thursday, prosecutors alleged that Chetram Balli, who is also known as Tony Balli, 54, accessed nonpublic information through his role as a document processing specialist for Cravath and traded ahead of at least five of the law firm’s major deals. This includes the Paramount Skydance Corp.’s $110 billion acquisition of Warner Bros. Discovery Inc.
Law360 has the story.
Balli, who is from Queens, New York City, has been employed by Cravath since 1989. According to prosecutors, he has supported attorneys by producing legal documents and U.S. Securities and Exchange Commission filings, and at times has had access to confidential information.
Prosecutors alleged that Balli made more than $70,000 in illicit profits. After his initial court appearance Thursday, he was released on a $75,000 bond.
A spokesperson for Cravath told Law360 that Balli is no longer employed by the firm.
An attorney for Balli did not respond to Law360’s request for comment.
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