May 12, 2011
Inside Trades Lead To Disbarment
The New York Appellate Division for the First Judicial Department has disbarred an attorney convicted of conspiracy to commit securities fraud:
During his plea allocution respondent admitted that between in or about 2007 and in or about 2008, while employed at a Manhattan law firm, he and another firm attorney, Brien Santarlas, accessed material, nonpublic information concerning client transactions and gave that information to an individual not employed by the same firm, who subsequently provided the confidential information on to a securities trader. The confidential information was then used by the trader to make stock purchases in publicly traded companies. Respondent received a total of approximately $32,500 for the information. Respondent admitted further that he knew at the time that it was illegal to trade securities on the basis of insider information. By order entered November 16, 2010 (Matter of Santarlas, 80 AD3d 20 , this Court disbarred Brien Santarlas and struck his name from the rolls based upon his plea of guilty to the same federal felonies as respondent stands convicted herein, namely, conspiracy to commit securities fraud and securities fraud.
A cheap price for one's license and reputation. (Mike Frisch)
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