PREET BHARARA, the United States Attorney for the Southern District of New York, announced that attorney JASON GOLDFARB was sentenced today in Manhattan federal court to three years in prison for his participation in an insider trading scheme in which he gave material, nonpublic information (“Inside Information“) that had been misappropriated from the law firm of Ropes & Gray to ZVI GOFFER for the purpose of securities trading. GOLDFARB pled guilty to one count of conspiracy and one count of securities fraud on April 21, 2011. U.S. District Judge RICHARD J. SULLIVAN imposed today’s sentence.
According to the charging documents and court proceedings in this case:
In 2007 and 2008, ARTHUR CUTILLO and BRIEN SANTARLAS, who were working as attorneys at Ropes & Gray, provided GOLDFARB with Inside Information about several mergers and acquisitions of public companies for which Ropes & Gray was providing legal services. GOLDFARB, in turn, delivered the Inside Information to GOFFER, a former hedge fund manager. GOFFER then executed securities transactions based on the Inside Information and passed it to other people who also used it to execute securities transactions.
The Inside Information included information regarding the potential acquisition of 3Com Corporation (“3Com“) and the potential acquisition of Axcan Pharma, Inc. (“Axcan“). In exchange for providing GOFFER the Inside Information, GOLDFARB, CUTILLO, and SANTARLAS received cash payments.
Saturday, August 20, 2011
Attorney Jason Goldfarb Sentenced in Manhattan Federal Court to Three Years in Prison for Insider Trading Scheme
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