Nicolo Nourafchan, a Yale Law graduate who cycled through Sidley Austin, Latham & Watkins, Cleary Gottlieb, and Goodwin Procter, and Robert Yadgarov allegedly orchestrated the operation. Other named defendants include Gavryel Silverstein and Lorenzo Nourafchan, described as middlemen. Lawyers accessed non-public deal information and sold it to a network of traders who executed trades and funneled proceeds back through cash transfers, shell companies, and intermediaries in Panama and Switzerland. The indictment names Sidley Austin, Latham & Watkins, Goodwin Procter, Weil, Willkie Farr, Wachtell, and at least one Massachusetts-based firm. Prosecutors also reference unnamed co-conspirators still employed at Biglaw firms as recently as 2026. U.S. Attorney Leah Foley's office brought charges including securities fraud, money laundering conspiracy, and obstruction of justice.
The investigation remains active. Newly unsealed documents have revealed additional implicated firms and the existence of ongoing unnamed co-conspirators, suggesting the scope may expand. Attorneys should monitor developments for potential client conflicts, regulatory scrutiny of information barriers at major firms, and whether the government pursues parallel civil actions against the law firms themselves for breach of fiduciary duty.