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According to the April 6th article at amlawdaily.com, ''Former Big Law Associate Charged in Insider Trading Scheme'', the alleged scheme has been going on for nearly two decades, during which time Kluger passed nonpublic information related to mergers and acquisitions deals the firms he was employed at were working on at the time.
Initially, Kluger would trade on deals on which he himself was working on, but, nervous about getting caught, he began searching Wilson Sonsini’s computer for information on other M&A deals.
According to the article, the complaint states that: "Specifically, Kluger searched Wilson Sonsini's document management system to identify documents relating to other ongoing corporate merger or acquisition transactions. Instead of actually opening documents, Kluger viewed the titles of documents and other information that was available in the document management system. Kluger did so in order to obtain Inside Information without creating a digital record that he had viewed the documents."
The pair is charged with one count of conspiracy to commit securities fraud, one count of conspiracy to commit money laundering, and two counts each of obstruction of justice, as well as several counts of securities fraud.
According to the same amlawdaily.com article, deals Kluger and his alleged co-conspirators traded on include Oracle Corp.'s acquisition of Wilson Sonsini’s client Sun Microsystems, Inc., Hewlett-Packard Company's acquisition of client 3Com Corp., and Intel Corp.'s purchase of client McAfee, Inc.
According to the April 6th dealbook.nytimes.com article, ''Deal Lawyer Accused of Insider Trading Scheme'', Daniel M. Hawke, market abuse enforcement chief of the Securities and Exchange Commission, was quoted as saying: ''It amounts to nothing short of a highly organized criminal enterprise designed and carried out by industry professionals and fueled by intense greed. It was not an opportunistic act but a deliberate deed.''
Paul Fishman, the United States attorney for New Jersey was quoted as saying: ''There certainly seems to be a huge uptick in our discovery'' [of insider trading]. Insider trading has real consequences for the markets and investors, and today it has real consequences for people who try it.''
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