A lawyer convicted of stealing corporate secrets has been sentenced to the longest ever prison term imposed for insider trading.Matthew Kluger was convicted last year of stealing corporate merger tips from four law firms over 17 years and passing them along to a trader, Bloomberg reported.
He was sentenced yesterday to 12 years in prison.
Kluger and his two co-defendants, Kenneth Robinson, who acted as the middleman, and Garrett Bauer, the trader, all pleaded guilty last year in federal court.
Kluger was arrested by the FBI in April 2011. At the time of his arrest he was a senior associate at the law firm Wilson Sonsini Goodrich & Rosati.
U.S. District Judge Katharine Hayden said she imposed the harsh sentence as a way to send a message about the negative effects of insider trading, calling Kluger’s scheme “brazen,” and adding that it was conducted in a “thuggish” manner, Bloomberg reported.
Kluger’s lawyer plans to appeal his sentence.
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