Lawyer Pleads Guilty In Galleon Fraud Case

Dec 11 2009 | 12:30pm 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.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...