SEC Release 2026-44: Inside the Decade-Long M&A Law Firm Insider Trading Ring
Executive Summary On May 6, 2026, the Securities and Exchange Commission and the U.S. Department of Justice jointly announced charges against 30 individuals in connection with what prosecutors describe as one of the largest M&A insider trading schemes ever charged. The "Tipping Scheme," as the SEC calls it, ran from approximately 2014 through 2024, a full decade, during which prosecutors allege three corporate M&A attorneys at some of America's most prestigious law firms systematically misappropriated confidential deal information and sold it to a network of traders spanning New York, Florida, California, and beyond. Prosecutors allege the scheme generated tens of millions of dollars in ille…
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