Regulatory Alerts2026-05-06
SEC Charges 21 Individuals With Alleged Wide-Reaching Insider Trading Scheme
The Securities and Exchange Commission charged 21 individuals with a decade-long insider trading scheme orchestrated by attorneys Nicolo Nourafchan and Robert Yadgarov, who misappropriated material nonpublic information from global law firm clients to generate millions in illicit profits. The complaint details a multi-jurisdictional tipping chain where participants traded on the confidential deal information, agreed to kick back a portion of their profits, or further distributed the tips to other traders. Filed in the U.S. District Court for Massachusetts, the SEC seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties against all defendants, who also face parallel criminal charges from the U.S. Attorney’s Office.