This post has been updated. Updated information is in bold.
Brien Santarlas, a former Ropes & grey attorney, plead guilty to charges of fraud and conspiracy in Manhattan federal court today.
Prosecutors say Santarlas accepted thousands of dollars in cash in exchange for providing co-conspirators with the confidential information of firm clients about the acquisitions of 3Com and Axcan Pharma.
One of those people arrested in November was another Ropes & grey attorney, Robert Cutillo. Cutillo was working at the firm until the day he was arrested. Cutillo is also charged with providing insider information on 3Com and Axcan in addition to other companies.
According to the WSJ Law Blog, Santarlas left Ropes & grey in September 2008.
“The actions of these two former associates represent an extreme breach of their duty of trust to our clients and the firm, as well as gross violations of our policies and civil and criminal law,” said firm spokesman Andy Brimmer. The firm is cooperating in the investigation, Bloomberg said.
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