Major Law Firms Caught in Decade-Long Insider Trading Scheme

Fifteen individuals, including major law firm attorney Nicolo Nourafchan, pleaded not guilty to charges in a decade-long insider trading scheme involving corporate merger tips. The scheme, yielding tens of millions, was allegedly orchestrated by Nourafchan and fellow attorney Robert Yadgarov. The case includes cooperating witnesses and complex implications.

Devdiscourse News Desk | * Fifteen Defendants | Updated: 02-06-2026 00:34 IST | Created: 02-06-2026 00:34 IST

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Fifteen individuals, including Nicolo Nourafchan, a lawyer with experience at major law firms, appeared in Boston federal court to enter not guilty pleas to charges associated with a sprawling insider trading operation.

The scheme, which reportedly spanned a decade and involved tips on nearly 30 mergers, nets tens of millions and included high-profile law firms such as Sidley Austin, Latham & Watkins, and Goodwin Procter. Nourafchan and personal injury attorney Robert Yadgarov were allegedly the masterminds.

Authorities claim that the operation began in 2014, with Nourafchan providing insider information to Yadgarov and others for profit. The complexities of the case are compounded by alleged coded communications among defendants and several guilty pleas, including Gabriel Gershowitz, who is now cooperating with prosecutors.

(With inputs from agencies.)