Prosecutors have won their 15th guilty plea in the Galleon Group insider-trading case with the admission of a lawyer charged in the case.
Arthur Cutillo entered his plea last week in Manhattan federal court; the former attorney at Ropes & Gray was accused of being part of the insider-trading ring allegedly led by Galleon veteran and Incremental Capital founder Zvi Goffer, who has pleaded not guilty.
"I plead guilty," Cutillo told U.S. District Judge Richard Sullivan. "I plead guilty because I am guilty."
Specifically, Cutillo pleaded guilty to conspiracy and securities fraud. Prosecutors say he both traded on confidential information and passed on confidential information gleaned from Bain Capital for money. Cutillo is the second former Ropes & Gray lawyer to plead guilty in the case. Another lawyer, Jason Goldfarb, has pleaded not guilty.
Cutillo, who had initially pleaded not guilty, faces more than three years in prison.