Former BigLaw partner gets prison time in insider trading scheme
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A former partner at Foley & Lardner has been sentenced to two years and three months in prison for making stock trades based on confidential information from his law firm’s computers.
Walter “Chet” Little, 44, of Florida, was sentenced in Manhattan federal court on Thursday, Reuters reports. He will also have to forfeit about $450,000 in profits from the scheme.
Little was accused of using law firm computers to learn information about at least seven clients. He traded on the information and also passed it along to a Florida neighbor, prosecutors said.
Little pleaded guilty in November to conspiracy to commit insider trading. The neighbor also pleaded guilty and is awaiting sentencing.
Foley & Lardner has previously said it learned of Little’s activity in June 2016 and contacted authorities.
