The owner of a fractional CFO firm is among a set of 21 people facing charges in a wide-ranging insider trading case.
In a case brought by the Securities and Exchange Commission in federal court in Boston, prosecutors said the defendants participated in an “insider trading scheme that netted the participants millions of dollars in illicit profits from trading in the securities of U.S. companies.”
The SEC’s complaint, filed on May 6, described the details of a complex plot said to have taken place between 2018 and 2024. The document said that M&A attorney Nicolo Nourafchan and his friend Robert Yadgarov orchestrated the insider trading scheme and recruited Gabriel Gershowitz, another corporate attorney, to help out. The complaint accused Nourfchan of “misappropriating material nonpublic information about approximately a dozen impending corporate transactions (such as mergers, acquisitions, and a tender offer) … from his law firm employers and tipping that information with Yadgarov and others to the co-Defendants.”
The SEC went on to say that Gershowitz also gave Nourafchan and Yadgarov “material nonpublic information obtained from his law firm employers.”
Lorenzo Nourafchan, Nicolo’s brother and founder of fractional CFO firm Northstar Financial Advisory, was one of the individuals who allegedly received confidential information and “agreed to kick back a portion of the trading profits to Nourafchan and/or Yadgarov in exchange for such information.”
The leaked...
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