Key facts
- Fifteen defendants pleaded not guilty to U.S. charges of participating in an insider trading scheme.
- The scheme allegedly involved attorneys feeding tips about nearly 30 mergers.
- Prosecutors say the decade-long scheme, orchestrated by Nicolo Nourafchan and Robert Yadgarov, netted tens of millions of dollars.
- Nicolo Nourafchan, a lawyer, is among the defendants.
- Gabriel Gershowitz, a lawyer, pleaded guilty last year and is cooperating with prosecutors.
This case highlights the ongoing efforts by authorities to combat insider trading, particularly schemes involving legal professionals who have access to sensitive corporate information. The involvement of multiple law firms and the alleged use of coded language underscore the sophistication and breadth of such illicit activities, posing significant risks to market integrity.