The FBI's Boston Division on Wednesday charged 30 people in what prosecutors describe as a decade-long insider trading scheme. The ring allegedly generated tens of millions of dollars in illicit profits by trading ahead of nearly 30 mergers and acquisitions, using confidential data stolen from some of the country's top law firms.
Inside the ring
Licensed corporate attorney Nicolo Nourafchan allegedly accessed his firm's internal systems to pull non-public deal documents. He then passed that information to co-conspirators, including fellow attorney Robert Yadgarov. From there, the tips traveled through a network of burner phones, encrypted messaging apps, and coded language — conspirators referred to pending deals as 'a sick rabbi awaiting surgery.'
Trades were routed to overseas brokerage accounts in Russia, Israel, Panama, and Switzerland. Two defendants in Russia and Israel remain at large. Nineteen others who were arrested face charges carrying a maximum of 25 years per count.
Not just stocks
The case echoes a prior crypto insider trading prosecution. Former Coinbase product manager Ishan Wahi pleaded guilty to tipping his brother on upcoming token listings and was sentenced to 24 months in prison. Federal prosecutors used the same legal theory in both cases — misappropriation of confidential information, whether from a law firm or a crypto exchange.
Regulators are making clear they'll apply that framework evenly across equities and digital assets. The Wahi case was one of the first major crypto insider trading convictions; this new indictment shows the playbook is the same, even if the asset class differs.
What comes next
Arraignments for the arrested defendants are expected in the coming weeks in federal court. The two fugitives in Russia and Israel remain subjects of active warrants. For the attorneys involved, the charges also threaten their licenses to practice law — a separate professional consequence beyond the criminal counts.
