Audit log

Every state-changing event for Nicolo Nourafchan / Robert Yadgarov (SEC/DOJ Insider Trading Ring): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-28 18:46:16Z
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   {"actor":"system:backfill","investigation_id":"56994de0-caa9-4f3b-a96b-45f2684a5ad6","kind":"publish","page_slug":"nicolo-nourafchan-robert-yadgarov-sec-doj-insider-trading-ring","published_at":"2026-05-28T18:46:16.622Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Nicolo Nourafchan / Robert Yadgarov (SEC/DOJ Insider Trading Ring)","sections":[{"content":"Nicolo Nourafchan, 43, a Yale Law School graduate (class of 2011) and licensed M&A attorney based in Los Angeles, California, is alleged by both the SEC and DOJ to be the central architect of an insider trading network that operated from approximately 2014 through 2024. Nourafchan worked successively at Sidley Austin, Cleary Gottlieb, Latham & Watkins, and Goodwin Procter between 2013 and 2023. According to the SEC complaint, he allegedly accessed his firms' internal document management systems — at times searching in read-only or preview mode to avoid leaving a digital footprint — to obtain material nonpublic information (MNPI) about pending corporate acquisitions to which he was not assigned. Robert Yadgarov, 45, of Long Beach, New York, a college classmate of Nourafchan's, is alleged to have partnered with Nourafchan in recruiting additional attorney sources and distributing tips to downstream traders. Gabriel Gershowitz, a corporate attorney who worked at Weil Gotshal & Manges, Willkie Farr & Gallagher, and DLA Piper, is alleged to have served as a second attorney-source of MNPI; he pleaded guilty in February 2025 and is cooperating with federal authorities. An unnamed co-conspirator identified as a Yale classmate of Nourafchan's who worked at Wachtell Lipton Rosen & Katz is alleged to have supplied MNPI on at least two major deals. Wachtell has publicly stated that the individual left the firm more than four years prior and that no wrongdoing is alleged against the firm itself.","heading":"Overview and Primary Defendants","severity":"critical","sources":[{"credibility":1,"name":"SEC Press Release 2026-44: SEC Charges 21 Individuals With Alleged Wide-Reaching Insider Trading Scheme","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme"},{"credibility":1,"name":"SEC Litigation Release LR-26551 (case caption listing all 21 civil defendants)","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26551"},{"credibility":1,"name":"DOJ USAO-MA Press Release: Thirty Individuals Charged in Global Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-ma/pr/thirty-individuals-charged-global-insider-trading-scheme-netting-tens-millions-illicit"},{"credibility":1,"name":"Bloomberg Law: Elite M&A Lawyers Fed Massive Insider-Trading Ring, US Says","type":"news_article","url":"https://news.bloomberglaw.com/business-and-practice/elite-m-a-lawyers-fed-massive-insider-trading-ring-us-alleges"},{"credibility":2,"name":"Above the Law: Former Biglaw Attorney Allegedly Turned His Resume Into A Decade-Long Insider Trading Operation","type":"news_article","url":"https://abovethelaw.com/2026/05/former-biglaw-attorney-allegedly-turned-his-resume-into-a-decade-long-insider-trading-operation/"},{"credibility":2,"name":"Above the Law: The Biglaw Insider Trading Scheme: Now With More Biglaw!","type":"news_article","url":"https://abovethelaw.com/2026/05/the-biglaw-insider-trading-scheme-now-with-more-biglaw/"}]},{"content":"The alleged scheme operated through a multi-tiered structure. At the top, attorney sources — primarily Nourafchan and Gershowitz — accessed MNPI from law firm files. Nourafchan and Yadgarov then distributed this information to middlemen who passed it to a broader network of traders across California, Florida, New York, New Jersey, and overseas. According to the DOJ indictment, the first criminal indictment named 16 defendants: Nicolo Nourafchan (Los Angeles, CA); Robert Yadgarov (Long Beach, NY); Pedram Fejal, 39 (Brooklyn, NY); Brian Fensterszaub, 45 (Hollywood, FL); Mark Fensterszaub, 47 (Hollywood, FL); Simon Fensterszaub, 50 (Fort Lauderdale, FL); Ilya Gavrilov, 56 (Russia, fugitive); Baruch Igal Hatanian, 39 (Fort Lauderdale, FL); Yisroel Horowitz, 50 (Hollywood, FL); God Izraelov, 46 (Israel, fugitive); David Moradi, 35 (Brooklyn, NY); David Ostrov, 49 (Clifton, NJ); Yechiel Salzberg, 51 (Far Rockaway, NY); Abe Shilian, 35 (Brooklyn, NY); Gavryel Silverstein, 43 (Hollywood, FL); and Joseph Suskind, 39 (Sunny Isles Beach, FL). A second indictment named five defendants: Lorenzo Nourafchan, 38 (Nicolo's brother, Los Angeles, CA, founder of Northstar Financial Advisory); Nowel Milik, 52 (Brea, CA, insurance company owner); Nicholas Rudela, 30 (Covina, CA); David Makary, 35 (Covina, CA); and Stjepan Vinski, 30 (Glendora, CA). Nine additional defendants were charged with securities fraud conspiracy and had already pleaded guilty in related cases that were unsealed on May 6, 2026. The SEC's parallel civil complaint named 21 of the defendants including: Mark Alperin, Miakel Bishay (Santa Monica hair stylist), David Bratslavsky (tech entrepreneur and managing partner, Puerto Rico/Ohio), Brian Fensterszaub, Mark Fensterszaub, Simon Fensterszaub, Gabriel Gershowitz, Fernando Grinberg, Boruch Hatanian, Yisroel Horowitz, Joseph Izsak, Daniel Kavian, Eliyahu Kavian, Nowel Milik, Lorenzo Nourafchan, Nicolo Nourafchan, David Ostrov, Gavryel Silverstein, Joseph Suskind, Seth Winslow, and Robert Yadgarov. Lorenzo Nourafchan allegedly received MNPI from his brother and passed it to others including Miakel Bishay, Nicolo's hair stylist, who then traded on the information.","heading":"Scheme Structure and Network of Defendants","severity":"critical","sources":[{"credibility":1,"name":"DOJ USAO-MA Press Release: Thirty Individuals Charged in Global Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-ma/pr/thirty-individuals-charged-global-insider-trading-scheme-netting-tens-millions-illicit"},{"credibility":1,"name":"SEC Litigation Release LR-26551","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26551"},{"credibility":1,"name":"Newsweek: FBI Charges Dozens in Alleged Decade-Long Global Insider Trading Scheme","type":"news_article","url":"https://www.newsweek.com/premier-law-firms-spy-ring-11920914"},{"credibility":2,"name":"CFO.com: SEC charges 21 people in insider trading case","type":"news_article","url":"https://www.cfo.com/news/sec-charges-lorenzo-nourafchan-northstar-financial-advisory-21-people-in-insider-trading-case/819912/"},{"credibility":2,"name":"SecuritiesLawyer101: SEC Insider Trading Complaint Targets M&A Tip Ring","type":"news_article","url":"https://www.securitieslawyer101.com/2026/05/08/sec-insider-trading-complaint-ma-lawyers-tip-ring/"},{"credibility":2,"name":"Local10: Several from South Florida among 30 charged in massive insider trading scheme","type":"news_article","url":"https://www.local10.com/news/local/2026/05/06/several-from-south-florida-among-30-charged-in-massive-insider-trading-scheme/"}]},{"content":"According to court filings and press coverage, the scheme allegedly involved trading ahead of nearly 30 publicly announced M&A transactions. Named deals verified across multiple credible sources include: (1) Tim Hortons / Burger King takeover ($11 billion, 2014) — alleged tip traced to the unnamed Wachtell Lipton co-conspirator; (2) Johnson & Johnson acquisition of Actelion Ltd., a Swiss rare-disease drugmaker ($30 billion, 2017) — named in ABA Journal reporting; (3) Occidental Petroleum acquisition of Anadarko Petroleum Corp. ($55 billion, 2019) — alleged tip also traced to the Wachtell Lipton co-conspirator; (4) Momenta Pharmaceuticals tender offer by Johnson & Johnson (2020) — identified in the SEC complaint with multiple traders; (5) Amazon proposed acquisition of iRobot (2022, later abandoned due to antitrust concerns) — Nourafchan allegedly accessed Goodwin Procter's document management system regarding this deal while officially on leave from the firm, an act cited as a basis for obstruction of justice charges; (6) SailPoint Technologies acquisition (2022); (7) Momentive (SurveyMonkey parent) acquisition (2023); (8) Enstar Group acquisition by Sixth Street (approximately $5 billion, 2024) — Gershowitz allegedly received a $30,000 kickback on this deal while at Willkie Farr. Additional target companies named in the SEC complaint include DSP Group, Citrix Systems, Poshmark, KnowBe4, Qualtrics, Berkshire Grey, and NextGen Healthcare. The SEC complaint identifies individual profits including approximately $3 million for Joseph Suskind, approximately $1.2 million for Nowel Milik, approximately $733,000 for Nowel Milik on the iRobot trade alone, approximately $630,000 for Joseph Suskind on the Enstar deal, approximately $329,000 for David Bratslavsky, and approximately $293,000 for Daniel Kavian.","heading":"M&A Deals Allegedly Targeted","severity":"critical","sources":[{"credibility":2,"name":"SecuritiesLawyer101: SEC Insider Trading Complaint Targets M&A Tip Ring","type":"news_article","url":"https://www.securitieslawyer101.com/2026/05/08/sec-insider-trading-complaint-ma-lawyers-tip-ring/"},{"credibility":1,"name":"Bloomberg Law: Elite M&A Lawyers Fed Massive Insider-Trading Ring, US Says","type":"news_article","url":"https://news.bloomberglaw.com/business-and-practice/elite-m-a-lawyers-fed-massive-insider-trading-ring-us-alleges"},{"credibility":2,"name":"ABA Journal: Justice Department accuses lawyers of insider trading ring","type":"news_article","url":"https://www.abajournal.com/news/article/justice-department-accuses-charges-lawyers-for-insider-trading-ring"},{"credibility":2,"name":"Above the Law: The Wachtell Insider Trading Co-Conspirator Has Been Identified","type":"news_article","url":"https://abovethelaw.com/2026/05/the-wachtell-insider-trading-co-conspirator-has-been-identified/"},{"credibility":2,"name":"Above the Law: The Biglaw Insider Trading Scheme: Now With More Biglaw!","type":"news_article","url":"https://abovethelaw.com/2026/05/the-biglaw-insider-trading-scheme-now-with-more-biglaw/"}]},{"content":"Federal prosecutors allege that defendants employed multiple layers of operational security to conceal their activity. Communication methods allegedly included burner phones, encrypted messaging applications (including WhatsApp group chats), and in-person clandestine meetings. The SEC complaint notes that Nourafchan reportedly accessed his firm's document management system in read-only or preview mode in an attempt to avoid leaving a traceable digital footprint. Defendants allegedly used coded language extensively. Documented code words include referring to merger deal announcements as airline 'flights,' describing the timing of a public disclosure (specifically the Amazon-iRobot announcement) as a 'rabbi's surgery' date, and using Jewish religious terminology as cover language including 'Torahs' and 'Mitzvahs' for stock tips, 'flight to Israel' for a merger or acquisition, 'chavrusa' for another lawyer or investor, 'shul' for a company, and 'rebbe' for urgent deal information. Ticker symbols were allegedly encoded using given names whose initials matched the ticker letters (e.g., MNTV for Momentive was encoded as 'Menachem, Nachman, Tuvya, Vladimir'). Financial flows allegedly used cash payments of up to hundreds of thousands of dollars per transaction, shell companies, offshore accounts in Panama and Switzerland, and transfers disguised as loans or legitimate business transactions between co-conspirators. The SEC complaint notes that post-announcement messages in the group chat included celebratory imagery (LeBron James images, champagne emojis, $100 bill images), and that one defendant allegedly searched 'insider trading definition' on the internet shortly after a deal announcement.","heading":"Concealment Methods and Operational Security","severity":"high","sources":[{"credibility":2,"name":"SecuritiesLawyer101: SEC Insider Trading Complaint Targets M&A Tip Ring","type":"news_article","url":"https://www.securitieslawyer101.com/2026/05/08/sec-insider-trading-complaint-ma-lawyers-tip-ring/"},{"credibility":2,"name":"The Forward: 'Torahs' and 'Mitzvahs' were code in alleged insider trading scheme","type":"news_article","url":"https://forward.com/news/824782/insider-trading-nourafchan-jewish-code/"},{"credibility":1,"name":"Newsweek: FBI Charges Dozens in Alleged Decade-Long Global Insider Trading Scheme","type":"news_article","url":"https://www.newsweek.com/premier-law-firms-spy-ring-11920914"},{"credibility":2,"name":"CCB Journal: DOJ Charges 30 in Decade-Long Global Insider Trading Plot","type":"news_article","url":"https://ccbjournal.com/news/doj-charges-30-in-decade-long-global-insider-trading-plot"},{"credibility":2,"name":"The Daily Record: Lawyers, traders among 30 charged in global insider trading case","type":"news_article","url":"https://thedailyrecord.com/2026/05/06/lawyers-traders-charged-insider-trading-scheme/"}]},{"content":"The DOJ criminal charges, filed in the District of Massachusetts, were organized across two indictments. Defendants in the first indictment (16 individuals) face two counts of conspiracy to commit securities fraud, two counts of securities fraud, and one count of money laundering conspiracy. Nicolo Nourafchan faces two additional counts of obstruction of justice related to his alleged access of deal files while on leave. Mark Fensterszaub, David Moradi, and Joseph Suskind additionally face charges of making false statements to law enforcement. Defendants in the second indictment (5 individuals) face the same core securities fraud and money laundering charges; Nowel Milik and Stjepan Vinski additionally face obstruction of justice charges; David Makary faces false declarations before a grand jury; and Milik, Rudela, and Vinski face making false statements to law enforcement. Nine additional defendants had already pleaded guilty in sealed proceedings that were unsealed on May 6, 2026. Securities fraud carries a statutory maximum of 20 years imprisonment; money laundering conspiracy carries up to 20 years; obstruction of justice carries up to 20 years. The parallel SEC civil complaint, filed in the District of Massachusetts, alleges violations of Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder, as well as Section 14(e) and Rule 14e-3 (tender offer insider trading, applicable to the Momenta transaction). The SEC seeks permanent injunctions, disgorgement of all ill-gotten gains with prejudgment interest, and civil monetary penalties against all 21 civil defendants. The SEC has also indicated it will seek industry bars that would prohibit certain defendants from associating with registered securities firms.","heading":"Criminal Charges and Civil Enforcement Actions","severity":"critical","sources":[{"credibility":1,"name":"DOJ USAO-MA Press Release: Thirty Individuals Charged in Global Insider Trading Scheme","type":"regulatory","url":"https://www.justice.gov/usao-ma/pr/thirty-individuals-charged-global-insider-trading-scheme-netting-tens-millions-illicit"},{"credibility":1,"name":"SEC Press Release 2026-44","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme"},{"credibility":1,"name":"Newsweek: FBI Charges Dozens in Alleged Decade-Long Global Insider Trading Scheme","type":"news_article","url":"https://www.newsweek.com/premier-law-firms-spy-ring-11920914"},{"credibility":2,"name":"Washington Times: SEC, DOJ charge 21 in scheme that netted millions in illicit trading profits","type":"news_article","url":"https://www.washingtontimes.com/news/2026/may/7/sec-doj-charge-21-scheme-netted-millions-illicit-trading-profits/"}]},{"content":"The scheme had international dimensions on two fronts. First, two of the 30 charged defendants are fugitives located abroad: Ilya Gavrilov, 56, of Russia, and God Izraelov, 46, who fled to Israel. The DOJ has described extradition of the Russia-based defendant as very unlikely given current geopolitical circumstances. Second, the SEC acknowledged assistance from five foreign financial regulators in building the case: the Danish Financial Supervisory Authority, the United Kingdom Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Mauritius Financial Services Commission, and the Swiss Financial Market Supervisory Authority. The presence of Mauritius and Cyprus regulatory cooperation, combined with the use of Panama and Switzerland for financial flows, indicates that some trading activity and proceeds movement occurred through offshore financial centers. FINRA (the Financial Industry Regulatory Authority) also provided material assistance to both the SEC and DOJ investigations.","heading":"International Dimensions and Enforcement Cooperation","severity":"high","sources":[{"credibility":2,"name":"SEC Newsfile Corp: SEC Charges 21 Individuals with Alleged Wide-Reaching Insider Trading Scheme","type":"news_article","url":"https://www.newsfilecorp.com/release/296389/SEC-Charges-21-Individuals-with-Alleged-WideReaching-Insider-Trading-Scheme"},{"credibility":1,"name":"Newsweek: FBI Charges Dozens in Alleged Decade-Long Global Insider Trading Scheme","type":"news_article","url":"https://www.newsweek.com/premier-law-firms-spy-ring-11920914"},{"credibility":2,"name":"CCB Journal: DOJ Charges 30 in Decade-Long Global Insider Trading Plot","type":"news_article","url":"https://ccbjournal.com/news/doj-charges-30-in-decade-long-global-insider-trading-plot"},{"credibility":2,"name":"The Daily Record: Lawyers, traders among 30 charged in global insider trading case","type":"news_article","url":"https://thedailyrecord.com/2026/05/06/lawyers-traders-charged-insider-trading-scheme/"}]},{"content":"Multiple prominent law firms were implicated as victims of the alleged information theft. Named firms where attorney-defendants allegedly stole MNPI include Sidley Austin, Latham & Watkins, Cleary Gottlieb, Goodwin Procter, Wachtell Lipton Rosen & Katz, Weil Gotshal & Manges, Willkie Farr & Gallagher, and DLA Piper. No wrongdoing is alleged against any of these firms themselves. Wachtell publicly stated that the relevant co-conspirator left the firm more than four years before the charges and that Wachtell cooperated fully with the U.S. Attorney's Office investigation. Bloomberg Law separately reported that Nourafchan moved between multiple BigLaw firms with relative ease — a pattern prosecutors allege he deliberately exploited to maximize the number of confidential deal files he could access across different client rosters. The DOJ indictment references 'several of the nation's premier law firms, including a firm headquartered in Massachusetts,' without identifying all firms by name. The case has prompted discussion in the legal profession about document management system access controls, especially for attorneys who are on leave or between assignments.","heading":"Law Firm Impact and Institutional Response","severity":"medium","sources":[{"credibility":1,"name":"Bloomberg Law: Big Law's Alleged M&A Insider Traders Switched Firms With Ease","type":"news_article","url":"https://news.bloomberglaw.com/business-and-practice/big-laws-alleged-insider-traders-switched-firms-with-ease"},{"credibility":2,"name":"Above the Law: The Wachtell Insider Trading Co-Conspirator Has Been Identified","type":"news_article","url":"https://abovethelaw.com/2026/05/the-wachtell-insider-trading-co-conspirator-has-been-identified/"},{"credibility":2,"name":"Above the Law: Former Biglaw Attorney Allegedly Turned His Resume Into A Decade-Long Insider Trading Operation","type":"news_article","url":"https://abovethelaw.com/2026/05/former-biglaw-attorney-allegedly-turned-his-resume-into-a-decade-long-insider-trading-operation/"}]},{"content":"The investigation request context described this scheme as using 'cryptocurrency as a kickback and concealment layer.' Based on a review of all available primary and secondary sources — including the SEC press release, the SEC litigation release, the DOJ press release, and reporting from Bloomberg Law, Newsweek, the ABA Journal, Above the Law, and multiple other outlets — no credible source identifies cryptocurrency as having been used in this scheme for kickbacks, payments, or concealment. Financial flows in the alleged scheme were conducted through cash payments, shell companies, offshore accounts in Panama and Switzerland, and transactions disguised as loans. The absence of a cryptocurrency layer is confirmed across multiple independent credible reports. This scheme is therefore categorized as a conventional securities fraud and insider trading matter rather than a crypto-adjacent enforcement action.","heading":"Cryptocurrency Context and Clarification","severity":"low","sources":[{"credibility":2,"name":"Value The Markets: Major Insider Trading Scheme Uncovered by Federal Authorities","type":"news_article","url":"https://www.valuethemarkets.com/cryptocurrency/news/major-insider-trading-scheme-uncovered-by-federal-authorities"},{"credibility":2,"name":"SecuritiesLawyer101: SEC Insider Trading Complaint Targets M&A Tip Ring","type":"news_article","url":"https://www.securitieslawyer101.com/2026/05/08/sec-insider-trading-complaint-ma-lawyers-tip-ring/"},{"credibility":1,"name":"SEC Press Release 2026-44","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme"}]}],"sources_used":[{"credibility":1,"name":"SEC Press Release 2026-44: SEC Charges 21 Individuals With Alleged Wide-Reaching Insider Trading Scheme","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme"},{"credibility":1,"name":"SEC Litigation Release LR-26551","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26551"},{"credibility":1,"name":"DOJ USAO-MA Press Release: Thirty Individuals Charged in Global Insider Trading Scheme Netting Tens of Millions in Illicit Profits","type":"regulatory","url":"https://www.justice.gov/usao-ma/pr/thirty-individuals-charged-global-insider-trading-scheme-netting-tens-millions-illicit"},{"credibility":1,"name":"Bloomberg Law: Elite M&A Lawyers Fed Massive Insider-Trading Ring, US Says","type":"news_article","url":"https://news.bloomberglaw.com/business-and-practice/elite-m-a-lawyers-fed-massive-insider-trading-ring-us-alleges"},{"credibility":1,"name":"Bloomberg Law: Big Law's Alleged M&A Insider Traders Switched Firms With Ease","type":"news_article","url":"https://news.bloomberglaw.com/business-and-practice/big-laws-alleged-insider-traders-switched-firms-with-ease"},{"credibility":1,"name":"Newsweek: FBI Charges Dozens in Alleged Decade-Long Global Insider Trading Scheme","type":"news_article","url":"https://www.newsweek.com/premier-law-firms-spy-ring-11920914"},{"credibility":2,"name":"ABA Journal: Justice Department accuses lawyers of insider trading ring","type":"news_article","url":"https://www.abajournal.com/news/article/justice-department-accuses-charges-lawyers-for-insider-trading-ring"},{"credibility":2,"name":"Above the Law: Former Biglaw Attorney Allegedly Turned His Resume Into A Decade-Long Insider Trading Operation","type":"news_article","url":"https://abovethelaw.com/2026/05/former-biglaw-attorney-allegedly-turned-his-resume-into-a-decade-long-insider-trading-operation/"},{"credibility":2,"name":"Above the Law: The Biglaw Insider Trading Scheme: Now With More Biglaw!","type":"news_article","url":"https://abovethelaw.com/2026/05/the-biglaw-insider-trading-scheme-now-with-more-biglaw/"},{"credibility":2,"name":"Above the Law: The Wachtell Insider Trading Co-Conspirator Has Been Identified","type":"news_article","url":"https://abovethelaw.com/2026/05/the-wachtell-insider-trading-co-conspirator-has-been-identified/"},{"credibility":2,"name":"SecuritiesLawyer101: SEC Insider Trading Complaint Targets M&A Tip Ring","type":"news_article","url":"https://www.securitieslawyer101.com/2026/05/08/sec-insider-trading-complaint-ma-lawyers-tip-ring/"},{"credibility":2,"name":"The Forward: 'Torahs' and 'Mitzvahs' were code in alleged insider trading scheme","type":"news_article","url":"https://forward.com/news/824782/insider-trading-nourafchan-jewish-code/"},{"credibility":2,"name":"CFO.com: SEC charges 21 people in insider trading case","type":"news_article","url":"https://www.cfo.com/news/sec-charges-lorenzo-nourafchan-northstar-financial-advisory-21-people-in-insider-trading-case/819912/"},{"credibility":2,"name":"CCB Journal: DOJ Charges 30 in Decade-Long Global Insider Trading Plot","type":"news_article","url":"https://ccbjournal.com/news/doj-charges-30-in-decade-long-global-insider-trading-plot"},{"credibility":2,"name":"The Daily Record: Lawyers, traders among 30 charged in global insider trading case","type":"news_article","url":"https://thedailyrecord.com/2026/05/06/lawyers-traders-charged-insider-trading-scheme/"},{"credibility":2,"name":"Local10: Several from South Florida among 30 charged in massive insider trading scheme","type":"news_article","url":"https://www.local10.com/news/local/2026/05/06/several-from-south-florida-among-30-charged-in-massive-insider-trading-scheme/"},{"credibility":2,"name":"Newsfile Corp: SEC Charges 21 Individuals with Alleged Wide-Reaching Insider Trading Scheme","type":"news_article","url":"https://www.newsfilecorp.com/release/296389/SEC-Charges-21-Individuals-with-Alleged-WideReaching-Insider-Trading-Scheme"},{"credibility":2,"name":"Washington Times: SEC, DOJ charge 21 in scheme that netted millions in illicit trading profits","type":"news_article","url":"https://www.washingtontimes.com/news/2026/may/7/sec-doj-charge-21-scheme-netted-millions-illicit-trading-profits/"},{"credibility":2,"name":"Value The Markets: Major Insider Trading Scheme Uncovered by Federal Authorities","type":"news_article","url":"https://www.valuethemarkets.com/cryptocurrency/news/major-insider-trading-scheme-uncovered-by-federal-authorities"},{"credibility":2,"name":"Fox Business: 30 charged in attorney-led insider trading plot involving merger secrets","type":"news_article","url":"https://www.foxbusiness.com/lifestyle/unmasking-decade-long-insider-trading-scheme-led-30-charges-19-arrests"}],"summary":"On May 6, 2026, the SEC and DOJ charged 30 individuals — with the SEC filing civil charges against 21 of them — in connection with an alleged decade-long insider trading scheme orchestrated by M&A attorney Nicolo Nourafchan and his partner Robert Yadgarov. Nourafchan allegedly misappropriated material nonpublic information from confidential client files at multiple elite BigLaw firms including Sidley Austin, Latham & Watkins, Cleary Gottlieb, and Goodwin Procter, then distributed tips through a tiered network of middlemen and traders in exchange for cash kickbacks. The alleged scheme spanned roughly 30 M&A transactions, generated tens of millions of dollars in illicit profits, and involved fugitives in Russia and Israel as well as international regulatory cooperation across five foreign jurisdictions.","timeline":[{"date":"2014-01-01","event":"Alleged scheme begins. The unnamed Wachtell Lipton co-conspirator allegedly leaks MNPI related to the Tim Hortons / Burger King takeover ($11 billion). This is the earliest documented tip referenced in the indictment.","source":"Above the Law / ABA Journal","source_url":"https://abovethelaw.com/2026/05/the-wachtell-insider-trading-co-conspirator-has-been-identified/"},{"date":"2017-01-01","event":"Alleged tip related to Johnson & Johnson's $30 billion acquisition of Actelion Ltd., a Swiss rare-disease drug company.","source":"ABA Journal","source_url":"https://www.abajournal.com/news/article/justice-department-accuses-charges-lawyers-for-insider-trading-ring"},{"date":"2019-01-01","event":"Alleged tip related to Occidental Petroleum's $55 billion acquisition of Anadarko Petroleum, linked to the Wachtell Lipton co-conspirator.","source":"Bloomberg Law","source_url":"https://news.bloomberglaw.com/business-and-practice/elite-m-a-lawyers-fed-massive-insider-trading-ring-us-alleges"},{"date":"2020-01-01","event":"Alleged tip related to Johnson & Johnson tender offer for Momenta Pharmaceuticals. Multiple traders in the network allegedly traded on this information. SEC complaint cites this as a Rule 14e-3 (tender offer) violation.","source":"SecuritiesLawyer101","source_url":"https://www.securitieslawyer101.com/2026/05/08/sec-insider-trading-complaint-ma-lawyers-tip-ring/"},{"date":"2022-08-01","event":"Amazon announces proposed acquisition of iRobot. Nicolo Nourafchan, then employed at Goodwin Procter (which advised iRobot), allegedly accessed confidential deal materials while officially on leave from the firm. This incident forms the basis of the obstruction of justice charges against Nourafchan. The Amazon-iRobot deal was ultimately abandoned in 2024 due to EU antitrust concerns.","source":"Above the Law / Bloomberg Law","source_url":"https://abovethelaw.com/2026/05/former-biglaw-attorney-allegedly-turned-his-resume-into-a-decade-long-insider-trading-operation/"},{"date":"2024-01-01","event":"Alleged tip related to Enstar Group acquisition by Sixth Street (approximately $5 billion). Gabriel Gershowitz allegedly received a $30,000 kickback on this deal while at Willkie Farr & Gallagher. This is among the last documented transactions before the investigation surfaced.","source":"Above the Law: The Biglaw Insider Trading Scheme: Now With More Biglaw!","source_url":"https://abovethelaw.com/2026/05/the-biglaw-insider-trading-scheme-now-with-more-biglaw/"},{"date":"2025-02-01","event":"Gabriel Gershowitz pleads guilty in sealed proceedings. He begins cooperating with federal authorities. Eight other defendants also reportedly pleaded guilty in sealed proceedings around this period.","source":"Above the Law / SecuritiesLawyer101","source_url":"https://abovethelaw.com/2026/05/the-biglaw-insider-trading-scheme-now-with-more-biglaw/"},{"date":"2026-05-06","event":"SEC files civil charges against 21 individuals (SEC Press Release 2026-44; Litigation Release LR-26551). DOJ unseals two criminal indictments charging 30 individuals in the District of Massachusetts, announcing 19 arrests. Nine previously sealed guilty pleas are simultaneously unsealed. Two defendants — Ilya Gavrilov (Russia) and God Izraelov (Israel) — are named as fugitives.","source":"SEC / DOJ","source_url":"https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision bd2f60cc-4a03-4f0c-bd9d-18ac3d40607ecopy