The FBI’s Boston Division has unveiled charges against 30 Jewish individuals linked to an extensive, decade-long insider trading operation that allegedly brought in tens of millions of dollars in illegal gains. Those charged include corporate lawyers and finance professionals accused of stealing confidential information about mergers and acquisitions from several of the nation’s largest law firms.
The Operation
The charges, made public on Wednesday, detail a long-running scheme in which defendants allegedly stole non-public data on nearly 30 M&A deals from top law firms—including one based in Massachusetts. Nineteen suspects were arrested when the indictments were unsealed; two others remain at large.
How It Worked
Authorities say Nicolo Nourafchan and Robert Yadgarov recruited other attorneys to leak confidential details about mergers involving public companies in return for kickbacks. The pair then passed the information through traders and middlemen, enabling trades to be placed ahead of nearly 30 deals.
Nourafchan, a Yale Law School graduate, worked at Sidley Austin, Latham & Watkins, and Goodwin Procter between 2013 and 2023, according to the indictment. While the victim firms were not named, the document cited specific public deals they had advised on.
To conceal the network, conspirators used burner phones, encrypted files, coded language, and in-person meetings where all electronic devices were turned off. Kickbacks reportedly included hundreds of thousands of dollars in cash. Trades were routed through overseas brokerage accounts in Russia, Israel, Panama, and Switzerland.
Source: unusualwhales.com
