Wednesday, 26 October 2016
Last updated 7 hours ago
Dec 11 2009 | 11:30am ET
Thirty-three-year-old lawyer Brien Santarlas pled guilty to securities fraud on Thursday in the scandal involving hedge fund firm the Galleon Group.
According to prosecutors, Santarlas, who worked for law firm Ropes & Gray, conspired to steal inside information about mergers and acquisitions. He and his co-conspirator, Arthur Cutillo, are thought to have profited to the tune of $20 million in the scheme.
"The charges against Santarlas arose out of an ongoing investigation of insider trading at hedge funds and stock trading firms which has already led to charges against 20 Wall Street professionals, five of whom have pleaded guilty and are cooperating with the government," said the statement from the U.S. Attorney's Office.
Meanwhile, other in the case, including Galleon’s head honcho Raj Rajaratnam, have also been charged with related insider trading.
Santarlas faces up to 25 years in prison.