The U.S. SEC sues 21 individuals for alleged cross-border insider trading, involving a case spanning up to ten years

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BlockBeats News, May 7 — The U.S. Securities and Exchange Commission (SEC) announced that it has filed charges against 21 individuals, accusing them of participating in a nearly decade-long cross-border insider trading scheme, allegedly profiting millions of dollars through the illegal leak of material non-public information by multiple international law firms.

The SEC pointed out that between 2018 and 2024, Los Angeles mergers and acquisitions lawyer Nicolo Nourafchan and his partner Robert Yadgarov organized and operated this insider trading network. Nourafchan is accused of stealing material non-public information related to over 12 corporate mergers and acquisitions from his law firm clients and leaking it to other participants, who then profited from trading and returned part of the gains.

The SEC also stated that the two recruited another corporate lawyer to continue obtaining and disseminating more insider information on mergers and acquisitions for trading purposes. The SEC said this enforcement action demonstrates its “determination to crack down on large-scale insider trading networks and hold the entire leak chain accountable.”

Meanwhile, the Office of the Massachusetts Attorney General has filed criminal charges against all involved parties. Multiple international regulators, including the FBI, UK FCA, and Swiss FINMA, are also participating in the investigation.

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