US lawyer hit by $32m case

first_imgWednesday 6 April 2011 8:32 pm Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap whatsapp Share A LAWYER and a trader were accused by federal prosecutors of running a 17-year conspiracy to trade on corporate merger secrets stolen from three of the nation’s most powerful law firms, in one of the largest US insider trading cases on record.Prosecutors accused Matthew H. Kluger and Garrett D. Bauer of reaping more than $32.2m (£19.6m) from trades on tips about upcoming mergers and acquisitions that Kluger learned as a lawyer at Wilson Sonsini Goodrich & Rosati, the pre-eminent firm representing Silicon Valley technology companies.The complaint details a conspiracy that had its origins in Atlantic City, New Jersey, and ended with attempts by the defendants to cover their tracks, including a discussion about cleaning money in a washing machine to rid it of fingerprints.Kluger also regularly leaked information he learned when he worked previously at two other law firms, Cravath Swaine & Moore LLP and Skadden, Arps, Slate, Meagher & Flom LLP, prosecutors said. Yesterday’s charges do not cover any trades that may have been made at that time. Federal prosecutors said Kluger passed tips to an unnamed co-conspirator about mergers, such as Oracle’s takeover of Sun Microsystems, Adobe Systems’ purchase of Omniture, Hewlett-Packard’s takeover of 3Com and Intel’s purchase of McAfee. The co-conspirator would then tip Bauer, 43, who would make trades for all three based on the tips, according to the complaint. center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads US lawyer hit by $32m case KCS-content Tags: NULLlast_img

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