MANHATTAN (CN) - An attorney pleaded guilty Friday to inside trading charges and conspiracy. Arthur Cutillo, 34, was one of seven people charged in the indictment. He could face up to 25 years in prison and more than $5 million in fines at his April 27 sentencing.
Cutillo, who worked at the Ropes & Gray law firm, "and another Ropes & Gray attorney, Brien Santarlas, provided Zvi Goffer with inside information they misappropriated from Ropes & Gray about several mergers and acquisitions of public companies for which the law firm was providing legal services," the U.S. Attorney's office said in announcing the guilty plea.
Goffer is the lead defendant in the indictment that also named Cutillo; Santarlas pleaded guilty to conspiracy and securities fraud in a separate, but related, case.
Cutillo and Santarlas are accused of passing on the inside information to another New York attorney, defendant Jason Goldfarb, who allegedly passed it on to Goffer. Goffer allegedly paid the men for the tips.
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