The SEC charged 21 individuals in an alleged wide-reaching insider trading scheme involving information misappropriated from multiple global law firms, in violation of internal confidentiality policies. The SEC alleged Nicolo Nourafchan, an M&A attorney, and Robert Yadgarov orchestrated a scheme involving more than a dozen pending corporate transactions, tipping networks, kickbacks, and millions of dollars in illicit profits. Tippees included relatives, friends, co-workers, business associates, and other traders. The case originated from the SEC Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. In a parallel action, the U.S. Attorney’s Office for the District of Massachusetts announced criminal charges against all the defendants in this case.