Former Ropes & Gray Lawyer gets 30 Months for Insider Trading
Arthur Cutillo, a former Ropes & Gray patent lawyer who in January pled guilty to conspiracy and securities fraud, today was sentenced to serve 30 months in prison.
He was one of two Ropes & Gray lawyers involved in the insider trading scandal, and he admitted to taking cash in exchange for nonpublic information about merger activity involving 3Com Corp. and Axcan Pharma Inc., Reuters reports.
Cutillo, 34, passed the information from his firm to Jason Goldfarb, a college friend, in exchange for $32,000, the Wall Street Journal (sub. req.) reports. Goldfarb, also a lawyer, allegedly shared the information with childhood friend Zvi Goffer, a hedge-fund trader recently convicted of fraud and conspiracy charges. Goldfarb also pled guilty to criminal charges, as did Brien Santarlas, who like Cutillo also practiced with Ropes & Gray.
