* Florida redefines “beating it.” It may be time to reconsider things if you’re paying $2.99 to watch a hate crime with your pants off. Come on, at least look into some free porn. [Washington Post]
- Bingham McCutchen, Department of Justice, Google / Search Engines, Insider Trading, Michael Jackson, Morning Docket, Trials, Violence, Women's Issues
- Benchslaps, Biglaw, Dewey & LeBoeuf, Insider Trading, Musical Chairs, Non-Sequiturs, Orrick Herrington & Sutcliffe, Trials, Wall Street
* The epic insider trading trial of Raj Rajaratnam got underway today. Bess Levin, of our sister site Dealbreaker, comes up with a (rather hilarious and bizarre) list of possible character witnesses for Raj. [Dealbreaker]
* Speaking of the Rajaratnam trial, who were those mystery men observing the proceedings in the courtroom? [Clusterstock]
* Talk about a benchslap: “Mr. Redlich continues to display an apparent disregard for the time and resources that this court must expend in interpreting his poorly-drafted pleadings and analyzing his sloppily-constructed and thinly-researched memoranda.” [Albany Times-Union]
* Four important lessons, for lawyers and technologists, that can be drawn from Michelangelo’s sculpting of The David. [Ben Kerschberg / Forbes]
* Musical chairs: Sean Patrick Maloney — former aide to Governor Paterson, Governor Spitzer, and President Clinton, and a former candidate for New York Attorney General — joins Orrick from Kirkland. [Orrick (press release)]
* Did you know that March is Women’s History Month? [In Custodia Legis]
* On a more festive note, Happy Mardi Gras! [Twitpic]
* What is the difference between abortion and infanticide? [WSJ Law Blog]
* Speaking of Wall Street-watching, check out this neat new website, ProxyMonitor.org. As James Copland of the Manhattan Group explains, the site’s comprehensive database of shareholder proposals sheds light on trends in corporate governance. [Point of Law; Proxy Monitor]
* Texas attorneys, you should pay attention to this proposed rule change. [Infamy or Praise]
* Lawsuit lending, i.e., investing in lawsuits, is a booming business — but are plaintiffs getting screwed (again)? [New York Times]
* Elsewhere in SCOTUS news, Justice Breyer gets a shout-out in the title of a new study: “‘People Did Sometimes Stick Things in my Underwear’: The Function of Laughter at the U.S. Supreme Court.” [Washington Post]
* The new year is off to a great start for M&A lawyers. [Am Law Daily]
* A second ex-Ropes & Gray associate, Arthur Cutillo, pleaded guilty on Friday to charges arising out of the Galleon Group insider trading scandal. (Brien Santarlas pleaded guilty back in December 2009.) [Bloomberg via ABA Journal]
* If Cutillo and Santerlas go to prison, what can they expect? Check out Nathan Koppel’s interesting interview with former high-flying plaintiffs’ lawyer Bill Lerach, which touches on Lerach’s time in the big house (including a story about how he got the prison TV switched back to CNBC). [WSJ Law Blog]
* Steven Harper, the Kirkland & Ellis partner turned blogger, writes: “Are law schools deceiving prospective students into incurring huge debt for degrees that aren’t worth it? Of course they are.” [The Belly of the Beast]
- Crime, Insider Trading, Lawyer of the Day, Ropes & Gray, Sullivan & Cromwell, Wall Street, White-Collar Crime
Today the winners of Lawyer of the Day honors are obvious. Congratulations to Arthur Cutillo, Michael Kimelman, and Jason Goldbfarb, three attorneys who stand accused of involvement in the infamous Galleon Group insider trading scheme.
Both Cutillo and Kimelman have distinguished pedigrees, with ties to two top firms. Cutillo (left), a holder of an M.S. in chemical engineering as well as a J.D. (both from Villanova), was an associate at the white-shoe firm of Ropes & Gray. Kimelman (right), a partner at Incremental Capital LLC, once worked as an associate at super-prestigious Sullivan & Cromwell.
Check out Cutillo’s firm bio and Kimelman’s LinkedIn profile over here.
The third charged lawyer, Jason Goldfarb, apparently worked as a personal injury lawyer in Brooklyn. He allegedly served as a conduit of information between Cutillo and Zvi Goffer — the former Galleon employee apparently referred to as “Octopussy” at the SEC, because “he had his arms in so many insider” trading schemes.
More on our three honorees, after the jump.
If you have more info, please email us. Thanks.
UPDATE (10:00 AM): According to Bloomberg, the FBI has arrested Arthur Cutillo (pictured). He is no longer on the Ropes & Gray website, but you can find his bio via Google Cache. Interestingly enough, he was an IP litigator, not a corporate attorney.
CNBC is now reporting that a Ropes & Gray employee allegedly provided inside information about various “going private” transactions the firm was involved in. Some of these transactions apparently involved companies heavily dependent upon intellectual property, such as technology companies.
UPDATE (10:10 AM): In case the Google Cache entry is removed, we have posted Arthur Cutillo’s bio after the jump. He graduated from Rutgers (undergrad) and Villanova (law), and he worked at Merck before joining Ropes.
UPDATE (10:15 AM): Here is a statement from Ropes & Gray:
We are deeply disappointed to learn about this situation, which suggests an extreme breach of this person’s duty of trust to our clients and to the firm. We cannot comment in detail on an ongoing investigation but we are moving quickly to protect our clients and are cooperating fully with authorities.
UPDATE (12:15 PM): U.S. Attorney Preet Bharara (S.D.N.Y.) is giving a press conference discussing the charges. One of the other individuals charged, Michael Kimelman, once worked as an associate at Sullivan & Cromwell.
UPDATE (4:30 PM): We’ve honored Artie Cutillo, Michael Kimelman, and a third lawyer, Jason Goldfarb, as our Lawyers of the Day.
Art Cutillo’s Ropes bio and Mike Kimelman’s LinkedIn profile, after the jump.
Seven Arrested In Insider Trading Case [Dealbreaker]