The U.S. SEC sues 21 individuals for alleged cross-border insider trading, involving a case spanning up to ten years

robot
Abstract generation in progress

Mars Finance News: The U.S. Securities and Exchange Commission (SEC) announced charges against 21 individuals, accusing them of participating in a nearly decade-long cross-border insider trading scheme, allegedly profiting millions of dollars by illegally leaking material non-public information through multiple international law firms. The SEC pointed out that Los Angeles mergers and acquisitions lawyer Nicolo Nourafchan and his partner Robert Yadgarov organized and operated this insider trading network. Nourafchan is accused of stealing significant non-public information related to over 12 corporate mergers and acquisitions from his law firm’s clients and leaking it to other participants, who then profited through trading and returned part of the gains. The SEC also stated that the two recruited another corporate lawyer to continue obtaining and disseminating more M&A insider information for trading. The SEC said this enforcement action demonstrates its determination to crack down on large-scale insider trading networks and hold the entire leak chain accountable. Meanwhile, the Massachusetts Attorney’s Office has filed criminal charges against all involved parties. FBI, UK FCA, Swiss FINMA, and other international regulatory agencies are also participating in the investigation.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin