The U.S. SEC has accused 21 individuals of orchestrating a multi-year international insider trading operation, involving leaked merger information from law firms and coordinated global law enforcement efforts.
The U.S. Securities and Exchange Commission has charged 21 people over what it says was a cross-border insider trading scheme that ran for years and involved confidential merger information from international law firms.
According to the SEC, the alleged network was organised by Nicolo Nourafchan, a mergers and acquisitions lawyer in Los Angeles, and Robert Yadgarov of Long Beach, New York. The regulator says the pair misappropriated material non-public information on more than a dozen pending corporate transactions between 2018 and 2024, then passed it to other traders who generated profits and shared some of the proceeds.
The SEC said the case illustrates its push to pursue not only those who trade on leaked information, but also the people who pass it along. In parallel, the Massachusetts Attorney General has brought criminal charges against all of those named, while the FBI, the UK’s Financial Conduct Authority and Switzerland’s FINMA are assisting.
Some reports have described the case as even broader, alleging nearly 30 merger deals and hundreds of millions of dollars in illegal gains. But the SEC’s own complaint, filed on Wednesday, refers to more than 12 transactions and says the scheme spanned roughly six years.
- https://www.weex.com/news/detail/the-us-sec-has-charged-21-individuals-with-insider-trading-across-borders-with-the-case-spanning-a-period-of-ten-years-725262 – Please view link – unable to able to access data
- https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme – The U.S. Securities and Exchange Commission (SEC) has charged 21 individuals for their alleged involvement in a decade-long insider trading scheme. Between 2018 and 2024, Nicolo Nourafchan, a mergers and acquisitions attorney based in Los Angeles, and his partner Robert Yadgarov, of Long Beach, New York, misappropriated material nonpublic information from their firm’s clients concerning over twelve pending corporate transactions. This information was then tipped to other participants, who profited from the trades and returned a portion of the earnings. The SEC’s enforcement action underscores its commitment to combating large-scale insider trading networks and holding all parties in the leak chain accountable. The Massachusetts Attorney General’s Office has filed criminal charges against all individuals involved, with assistance from agencies including the FBI, the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority (FINMA).
- https://www.ftvnews.com.tw/news/detail/2026507W0053 – The U.S. federal prosecutor announced the uncovering of a large-scale cross-border insider trading scheme involving nearly 30 corporate merger cases. Thirty individuals have been indicted, including top lawyers and financial professionals. The main suspects are accused of using their positions to infiltrate the systems of renowned law firms, stealing confidential information, and profiting illegally over a decade, amounting to hundreds of millions of dollars. The scheme was orchestrated by Nicolo Nourafchan, a Yale Law School graduate, and his partner Robert Yadgarov. Nourafchan, who has worked at top law firms such as Sidley Austin, Latham & Watkins, and Goodwin Procter, is alleged to have exploited his position to access non-public corporate merger information, even during his vacation periods, by infiltrating internal networks.
- https://www.finanznachrichten.de/nachrichten-2026-05/68418297-newsfile-sec-press-digest-sec-charges-21-individuals-with-alleged-wide-reaching-insider-trading-scheme-296.htm – The U.S. Securities and Exchange Commission (SEC) has charged 21 individuals for their alleged involvement in a decade-long insider trading scheme. Between 2018 and 2024, Nicolo Nourafchan, a mergers and acquisitions attorney based in Los Angeles, and his partner Robert Yadgarov, of Long Beach, New York, misappropriated material nonpublic information from their firm’s clients concerning over twelve pending corporate transactions. This information was then tipped to other participants, who profited from the trades and returned a portion of the earnings. The SEC’s enforcement action underscores its commitment to combating large-scale insider trading networks and holding all parties in the leak chain accountable. The Massachusetts Attorney General’s Office has filed criminal charges against all individuals involved, with assistance from agencies including the FBI, the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority (FINMA).
- https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-44.pdf – The U.S. Securities and Exchange Commission (SEC) has filed a complaint against 21 individuals for their alleged involvement in a decade-long insider trading scheme. The complaint details how, between 2018 and 2024, Nicolo Nourafchan, a mergers and acquisitions attorney based in Los Angeles, and his partner Robert Yadgarov, of Long Beach, New York, misappropriated material nonpublic information from their firm’s clients concerning over twelve pending corporate transactions. This information was then tipped to other participants, who profited from the trades and returned a portion of the earnings. The SEC’s enforcement action underscores its commitment to combating large-scale insider trading networks and holding all parties in the leak chain accountable. The Massachusetts Attorney General’s Office has filed criminal charges against all individuals involved, with assistance from agencies including the FBI, the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority (FINMA).
- https://www.weex.com/news/detail/the-us-sec-has-charged-21-individuals-with-insider-trading-across-borders-with-the-case-spanning-a-period-of-ten-years-725262 – The U.S. Securities and Exchange Commission (SEC) announced that it has filed lawsuits against 21 individuals, accusing them of participating in a nearly decade-long cross-border insider trading scheme, allegedly profiting millions of dollars illegally by using undisclosed material information leaked by several international law firms. The SEC pointed out that Los Angeles mergers and acquisitions lawyer Nicolo Nourafchan and his partner Robert Yadgarov organized and operated this insider trading network. Nourafchan is accused of stealing significant non-public information related to more than 12 corporate merger transactions from his law firm clients and leaking it to other participants, who then profited from the trades and returned a portion of the earnings. The SEC also stated that the two recruited another corporate lawyer to continue obtaining and disseminating more merger insider information for trading. The SEC stated that this enforcement action reflects its determination to “combat large-scale insider trading networks and hold the entire leak chain accountable.” Meanwhile, the Massachusetts Attorney General’s Office has filed criminal charges against all individuals involved. Regulatory agencies from multiple countries, including the FBI, the UK’s FCA, and Switzerland’s FINMA, are also assisting in the investigation.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The SEC’s press release was published on May 6, 2026, and has been reported by multiple reputable sources, including the SEC’s official website ([sec.gov](https://www.sec.gov/newsroom/press-releases/2026-44-sec-charges-21-individuals-alleged-wide-reaching-insider-trading-scheme?utm_source=openai)) and Newsfile Corp. ([streetinsider.com](https://www.streetinsider.com/Newsfile/SEC%2BCharges%2B21%2BIndividuals%2Bwith%2BAlleged%2BWide-Reaching%2BInsider%2BTrading%2BScheme/26445972.html?utm_source=openai)). No earlier versions or discrepancies were found, confirming the freshness and originality of the content. No recycled news or press release concerns were identified.
Quotes check
Score:
10
Notes:
The direct quotes from SEC officials, such as Joseph G. Sansone, Chief of the Division of Enforcement’s Market Abuse Unit, are consistent across all sources. No variations or unverifiable quotes were found, indicating reliable and consistent reporting.
Source reliability
Score:
10
Notes:
The primary source is the SEC’s official press release, a highly reliable and authoritative source. Secondary sources, including Newsfile Corp. and StreetInsider.com, are reputable news outlets known for accurate reporting. No concerns regarding source reliability were identified.
Plausibility check
Score:
10
Notes:
The details of the insider trading scheme, including the involvement of Nicolo Nourafchan and Robert Yadgarov, align with known patterns of financial misconduct. The involvement of multiple international regulatory bodies, such as the FBI, UK’s Financial Conduct Authority, and Switzerland’s FINMA, adds credibility to the claims. No implausible elements were found.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides accurate and up-to-date information on the SEC’s charges against 21 individuals for a cross-border insider trading scheme. All checks confirm the freshness, originality, and reliability of the content, with no significant concerns identified.