- Legal News Updates
- Law Center
- Legal Business
- Court News Center
- Law Firm News
- Legal Interviews
- Headline News
- Political and Legal
- Practice Focuses
- Legal Spotlight
- Events & Seminars
- Legal Marketing
- Court Watch
- Immigration Law
- Media Center
- Justice Stories
- Court: Man can't be retried for murder after mistrial ruling
- Michigan Democrats back Nessel for state attorney general
- Question of sales tax on online purchases goes to high court
- Supreme Court again refuses to hear Blagojevich appeal
- Court hears case alleging unconstitutional 6th District gerrymander
- Maryland redistricting case comes before Supreme Court
- Courts weighing numerous challenges to political boundaries
- Arkansas wants court to dissolve stay for death row prisoner
- TransCanada doesn't have to pay landowner attorneys
- Martin Shkreli cries in court, is sentenced to 7 years for securities fraud
Arthur Cutillo teamed with another lawyer at a prominent Manhattan law firm to provide tips about mergers and acquisitions of public companies to friends trading stocks professionally.
Cutillo must report to prison in September. U.S. District Judge Richard Sullivan also ordered the 34-year-old Newark, N.J., resident to forfeit $378,608, which represents a portion of the roughly $7 million that authorities estimate was illegally made by traders as a result of inside information from a variety of sources in the case.
Cutillo, who apologized before he was sentenced, was among those arrested in 2009 when U.S. Attorney Preet Bharara unveiled what he said was the biggest hedge fund insider trading case in history.
After the sentence was announced, Bharara said: "With today's sentence, he now joins a growing group of privileged professionals who are paying a high price for insider trading."
Cutillo admitted providing tips to a former college friend in 2007 and 2008 about secrets he learned at the international firm Ropes & Gray. In return, he received $32,500 in cash, part of $100,000 paid to Cutillo and another Ropes & Gray lawyer in return for stock tips.
The prosecution also resulted in the conviction of Raj Rajaratnam, a one-time billionaire who the government said made tens of millions of dollars through inside information provided by longtime friends carrying secrets about public companies.
Sullivan cited Cutillo's challenging family circumstances, including two children with special needs, as reasons that he did not boost the sentence beyond the minimum recommended in a plea deal with prosecutors.
Legal News Media
Legal News Organization press is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. The content contained on the web site has been prepared by Legal News Media as a service to the internet
community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.