Several from South Florida among 30 charged in massive insider trading scheme
WPLG Local 10 • • business
Key Points:
- Federal prosecutors in Boston charged 30 individuals, including several men from South Florida, in a decade-long insider trading scheme involving confidential information from nearly 30 merger and acquisition deals at top law firms.
- The scheme was orchestrated by attorneys Nicolo Nourafchan and Robert Yadgarov, who recruited insiders and paid kickbacks to obtain and distribute sensitive information to traders and middlemen, including South Florida resident Gavryel Silverstein.
- Nineteen defendants were arrested, while two remain at large in Russia and Israel; the accused face multiple federal charges such as securities fraud, conspiracy, and money laundering, with potential prison sentences spanning decades.
- The conspirators allegedly laundered illicit profits through intermediaries and shell companies in countries like Panama and Switzerland, disguising payments as loans or legitimate business transactions.
- Other charged individuals hail from various U.S. states including California, New York, and New Jersey, highlighting the widespread nature of the insider trading network.
