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Article: SEC CHARGES WALL STREET RING THAT MADE OVER $20 MILLION SERIALLY TRADING ON ACQUISITION INFORMATION TIPPED BY ATTORNEY AT INTERNATIONAL LAW FIRM

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US Fed News Service, Including US State News
Article date:
November 12, 2009
Copyright

WASHINGTON, Nov. 5 -- The Securities and Exchange Commission issued the following litigation release:

The Securities and Exchange Commission today announced insider trading charges against nine defendants in a case involving serial insider trading by a ring of Wall Street traders and hedge funds who made over $20 million trading ahead of corporate acquisition announcements using inside information tipped by an attorney at the international law firm of Ropes & Gray LLP, in exchange for kickbacks. The SEC alleges that Arthur J. Cutillo, an attorney in the New York office of Ropes & Gray, misappropriated from his law firm material, nonpublic information concerning at least four ...

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