Former BigLaw partner pleads guilty to insider trading
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A former Foley & Lardner partner has pleaded guilty to insider trading for using information from the law firm’s computer network to make stock trades.
Walter “Chet” Little of Apollo Beach, Florida, pleaded guilty on Thursday, Reuters reports.
Prosecutors said Little made more than $320,000 by trading on information about seven law firm clients.
A Foley & Lardner spokeswoman tells Reuters the law firm learned of Little’s activity in June 2016 and contacted authorities. Little moved on to Bradley Arant Boult Cummings, but he is no longer with that law firm, a spokesperson told Reuters.
Little’s lawyer, Todd Foster, told Reuters he plans to present “a large amount of mitigation evidence” before Little is sentenced on Feb 22.
Charges are still pending against one of Little’s neighbors, who is accused of making more than $600,000 while trading on the information.
First paragraph corrected on Feb. 23, 2018, to say that the partner pleaded guilty to using information from the firm’s computer network.
