US IP associate pleads guilty in connection with insider trading case
A former associate at US firm Ropes & Gray has been identified as a key player in the Galleon Group insider trading probe, reports The Am Law Daily. Former Ropes intellectual property associate Brien Santarlas pleaded guilty last Thursday (10 December) to stealing information about firm clients and passing that information on to other sources for insider trading purposes.
December 14, 2009 at 06:10 AM
2 minute read
A former associate at US firm Ropes & Gray has been identified as a key player in the Galleon Group insider trading probe, reports The Am Law Daily.
Former Ropes intellectual property associate Brien Santarlas pleaded guilty last Thursday (10 December) to stealing information about firm clients and passing that information on to other sources for insider trading purposes.
Another former Ropes associate, Arthur Cutillo, was charged last month for providing traders with inside tips about three private equity transactions on which Ropes was advising. He has pleaded not guilty to the charges.
According to the New York Law Journal, Santarlas admitted that he and Cutillo obtained inside information about upcoming private equity deals by "reviewing files, overhearing conversations and questioning unwitting associates."
Santarlas, who left left Ropes in September 2008, was paid $32,500 (£20,000) for obtaining that information, and will have to forfeit that amount as part of his plea deal with federal prosecutors.
Hedge fund management firm Galleon Group announced its closure in October after investors began to pull capital from the firm in the wake of revelations about insider trading and the arrest of co-founder Raj Rajaratnam.
Traders, including one code-named 'Octopussy', allegedly made up to $20m (£12.3m) in profits from inside information provided by Santarlas, Cutillo, and others about pending deals.
In a statement, Ropes said: "The actions of these two former associates represent an extreme breach of their duty of trust to our clients and the firm, as well as gross violations of our policies and civil and criminal law. We have been actively co-operating with the authorities in their investigation of this matter."
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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