Nicolo Nourafchan; Robert Yadgarov; Mark Alperin; Miakel Bishay; David Bratslavsky; Brian Fensterszaub; Mark Fensterszaub; Simon Fensterszaub; Gabriel Gershowitz; Fernando Grinberg; Boruch Hatanian; Yisroel Horowitz; Joseph Izsak; Daniel Kavian; Eliyahu Kavian; Nowel Milik; Lorenzo Nourafchan; David Ostrov; Gavryel Silverstein; Joseph Suskind; and Seth Winslow
No reply on file from Nicolo Nourafchan on this matter.
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U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26551 / May 7, 2026 Securities and Exchange Commission v. Nicolo Nourafchan, et al. , No. 26-civ-12068 (D. Mass. filed May 6, 2026) SEC Charges 21 Individuals with Alleged Wide-Reaching Insider Trading Scheme On May 6, 2026, the Securities and Exchange Commission filed charges against 21 individuals for their alleged involvement in an insider trading scheme that used information misappropriated from multiple global law firms and netted scheme participants millions of dollars in illicit profits. According to the SEC’s complaint, between 2018 and 2024, Nicolo Nourafchan, an attorney who worked on mergers and acquisitions, and Robert Yadgarov orchestrated the scheme. Nourafchan misappropriated material nonpublic information about at least a dozen impending corporate transactions from his law firm employer, and he or Yadgarov tipped that information to others who agreed to kick back a portion of their trading profits or who, in turn, tipped others who traded, according to the complaint. Nourafchan and Yadgarov also allegedly recruited another corporate lawyer who misappropriated material nonpublic information about additional deals and tipped that information to them. The case originated from the SEC Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s complaint, filed in the U.S. District Court for the District of Massachusetts, charges the defendants with violating the antifraud provisions of the federal securities laws and seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties. 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. The SEC’s investigation was conducted by David Bennett, David Snyder, and John Rymas with assistance from Matthew Koop and supervised by Diana Tani and Joseph G. Sansone, all of the Enforcement Division’s Market Abuse Unit. The litigation will be led by Senior Trial Counsel Rua Kelly and supervised by Martin Healey of the SEC’s Boston Regional Office. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of Massachusetts, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority (FINRA), the Danish Financial Supervisory Authority, the United Kingdom Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Mauritius Financial Services Commission, and the Swiss Financial Market Supervisory Authority. Resources <ul class="field
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