Biglaw Partner Convicted Of Insider Trading After Jury Trial
Per the prosecution, the partner got drunk on wine before spilling the beans.
This news comes too late for him to make our March Madness bracket of naughty Biglaw lawyers, but ex-Hunton & Williams partner Robert Schulman just got convicted of insider trading. From Law360:
A former Hunton & Williams LLP patent attorney on Wednesday was convicted by a Brooklyn federal jury on insider trading charges for tipping off his friend and investment adviser about Pfizer Inc.’s plans to acquire his client.
The jury of six men and six women found Robert Schulman guilty of conspiracy and securities fraud following a less-than-two-week-long trial before U.S. District Judge Joan M. Azrack. Schulman is currently a partner at Arent Fox LLP but is on leave from the firm.
One of his lawyers, Christopher Mead of London & Mead, told the jury during trial, “I represent an innocent man.” It seems that the jury disagreed.
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
The facts of the case, which we’ve mentioned before in these pages, were colorful. Schulman allegedly got drunk before sharing inside information about a planned M&A deal with a pal. Specifically, he told his friend and investment adviser Tibor Klein that his client King Pharmaceuticals was going to merge with Pfizer, using this hint: “It would be nice to be King for a day.”
Alas, Schulman now finds himself in some royal trouble.
BREAKING: Ex-Hunton Patent Atty Convicted Of Insider Trading [Law360]
If You Want Some Insider Intel From A Client, Get Him Liquored Up [Dealbreaker]
Sponsored
Legal AI: 3 Steps Law Firms Should Take Now
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
Earlier: Who Is The Worst-Behaved (Former) Biglaw Attorney?
Tipsy Partner Tipped Insider Trading Defendant, SEC Alleges
David Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at dlat@abovethelaw.com.
Sponsored
The Business Case For AI At Your Law Firm
