"Federal prosecutors in Boston described it as a vast, decade-long scheme that netted the defendants tens of millions of dollars in illicit profits. The indictment referenced six unnamed "victim" firms, which prosecutors characterized as the nation's premier law firms - and given one of the defendant's résumé, it checks out."
"Nourafchan and Yadgarov allegedly recruited lawyers and others to serve as sources of inside information in exchange for payments of hundreds of thousands of dollars in cash. They then fed that information through a layered network: Nourafchan and Yadgarov provided inside information to a network of traders and middlemen, who placed trades on the tips either on the two lawyers' behalf or on their own behalf."
"All while allegedly using burner phones, coded language, and in-person meetings to hide their actions. The iRobot episode is a particular highlight of the indictment, and not in a good way. In June 2022, while on a "leave of absence" from the firm advising iRobot, Nourafchan viewed confidential materials."
Federal prosecutors in Boston announced an indictment against 30 corporate attorneys and financial professionals involved in an extensive insider trading operation spanning a decade. The scheme targeted six unnamed premier law firms. Nicolo Nourafchan, a Yale Law School graduate with experience at Sidley Austin, Latham & Watkins, Cleary Gottlieb, and Goodwin Procter, allegedly accessed law firms' internal networks to obtain non-public deal information. Working with co-conspirator Robert Yadgarov, they recruited lawyers and professionals as information sources, paying hundreds of thousands in cash. The operation used layered networks of traders and middlemen, burner phones, coded language, and in-person meetings to conceal activities. The scheme generated tens of millions in illicit profits through coordinated trading on confidential information.
Read at Above the Law
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