Lawyers plead not guilty in alleged insider trading ring
Fifteen defendants, including an ex-Goodwin Procter associate, pleaded not guilty Monday to allegedly participating in an insider trading scheme involving confidential information about mergers and acquisitions allegedly stolen from some of the largest U.S. law firms. (Image from Shutterstock)
Fifteen defendants, including an ex-Goodwin Procter associate, pleaded not guilty Monday to allegedly participating in an insider trading scheme involving confidential information about mergers and acquisitions allegedly stolen from some of the largest U.S. law firms.
Nicolo Nourafchan—who worked at Goodwin Procter, Sidley Austin and Latham & Watkins—and Robert Yadgarov, a personal injury lawyer, were arraigned in a federal courtroom in Boston and pleaded not guilty. They are considered by prosecutors to be the ringleaders of the scheme, according to a pair of indictments unveiled last month by the U.S. attorney’s office for the District of Massachusetts.
Nourafchan is accused of passing along confidential information and convincing other attorneys to provide tips about nonpublic deals involving Johnson & Johnson, Amazon, Occidental Petroleum and two dozen other companies.
Other defendants were also arraigned Monday, including Nourafchan’s brother, Lorenzo Nourafchan, who pleaded not guilty to making trades from tips, as well as sharing the information with friends and family members, according to a story by Law360.
See also:
Justice Department accuses lawyers of insider trading ring
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