It’s probably not surprising that insider trading would get you disbarred, but for convicted former attorney Matthew Kluger, the matter is now official. A New York state appeals court ruled on Thursday that Kluger was automatically disbarred in New York by pleading guilty to a $37 million insider trading scheme in December 2011.
Throughout his career at major law firms such as Cravath Swaine & Moore and Fried, Frank, Harris, Shriver & Jacobson, Kluger stole secrets about corporate mergers for his own profit, and that of two co-conspirators.
Kluger has bigger things to worry about than being disbarred, however. In June 2012, he was sentenced to a record 12 years in prison—a larger sentence even than the infamous Raj Rajaratnam received for the same offense.
Read more at Thomson Reuters.
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