Insider-trading ring linked to elite law firms shocks U.S. legal industry
U.S. prosecutors say a decade-long insider-trading scheme exploited confidential M&A information from elite law firms, led by a Goodwin Procter-connected network and involving dozens of people, including two college friends and a hairdresser, who tipped a web of traders on nearly 30 deals (e.g., iRobot/Amazon). The scheme allegedly earned tens of millions in illicit profits with kickbacks, drawing indictments for 30 individuals and civil actions from the SEC against 21 others; the case highlights how the custodians of sensitive deal info at law firms can be misused despite internal controls.