Cracking Down: Insider Trading Scandal Rocks Major Law Firms

Federal prosecutors have indicted 30 individuals, including corporate lawyers and financial professionals, in an extensive insider trading scandal. The scheme involved stealing sensitive information about mergers from top law firms. Central to the operation was attorney Nicolo Nourafchan, who illicitly profited millions by distributing confidential data about pending deals.

Federal prosecutors announced on Wednesday the indictment of 30 individuals linked to an elaborate insider trading scheme exploiting confidential merger information from top-tier law firms.

Central to the decade-long operation was Nicolo Nourafchan, a corporate lawyer who allegedly accessed sensitive documents, generating tens of millions in unlawful gains for himself and associates.

Some traded on the inside tips related to nearly 30 mergers, including Amazon's abandoned iRobot acquisition. While several defendants, including Nourafchan, face charges, two are considered fugitives abroad.