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Longtime Cravath employee arrested on US insider trading charges
Reuters • • business
Key Points:
- Chetram "Tony" Balli, a longtime document processing specialist at law firm Cravath, Swaine & Moore, was arrested for insider trading, allegedly making over $70,000 by trading on non-public information about pending mergers involving the firm's clients.
- Federal prosecutors accused Balli of placing trades ahead of at least five undisclosed deals, including major acquisitions by WiseTech Global, Paramount Skydance, and Viatris, using confidential information obtained through his role.
- Cravath stated Balli is no longer with the firm and emphasized their full cooperation with authorities, denying any wrongdoing by the firm itself.
- Balli worked at Cravath since 1989, handling legal documents and SEC filings, and executed trades between May 2025 and recent months, netting $71,756 overall despite some losses.
- The case is being prosecuted in the US District Court for the Eastern District of New York, with Balli represented by the Federal Defenders of New York.
