Lawyer sentenced in insider trading scheme in NYC
Headline Legal News
A New Jersey lawyer was sentenced Thursday to 2 1/2 years in prison for his role in a hedge fund insider trading scheme as the judge said it was important to send a message of deterrence to Wall Street and to lawyers nationwide.
Arthur Cutillo teamed with another lawyer at a prominent Manhattan law firm to provide tips about mergers and acquisitions of public companies to friends trading stocks professionally.
Cutillo must report to prison in September. U.S. District Judge Richard Sullivan also ordered the 34-year-old Newark, N.J., resident to forfeit $378,608, which represents a portion of the roughly $7 million that authorities estimate was illegally made by traders as a result of inside information from a variety of sources in the case.
Cutillo, who apologized before he was sentenced, was among those arrested in 2009 when U.S. Attorney Preet Bharara unveiled what he said was the biggest hedge fund insider trading case in history.
After the sentence was announced, Bharara said: "With today's sentence, he now joins a growing group of privileged professionals who are paying a high price for insider trading."
Cutillo admitted providing tips to a former college friend in 2007 and 2008 about secrets he learned at the international firm Ropes & Gray. In return, he received $32,500 in cash, part of $100,000 paid to Cutillo and another Ropes & Gray lawyer in return for stock tips.
The prosecution also resulted in the conviction of Raj Rajaratnam, a one-time billionaire who the government said made tens of millions of dollars through inside information provided by longtime friends carrying secrets about public companies.
Sullivan cited Cutillo's challenging family circumstances, including two children with special needs, as reasons that he did not boost the sentence beyond the minimum recommended in a plea deal with prosecutors.
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Does a car or truck accident count as a work injury?
If an employee is injured in a car crash while on the job, they are eligible to receive workers’ compensation benefits. “On the job” injuries are not limited to accidents and injuries that happen inside the workplace, they may also include injuries suffered away from an employee’s place of work while performing a job-related task, such as making a delivery or traveling to a client meeting.
Regular commutes to and from work don’t usually count. If you get into an accident on your way in on a regular workday, it’s probably not considered a work injury for the purposes of workers’ compensation.
If you drive around as part of your job, an injury on the road or loading/unloading accident is likely a work injury. If you don’t typically drive around for work but are required to drive for the benefit of your employer, that would be a work injury in many cases.
If you are out of town for work, pretty much any driving would count as work related. For traveling employees, any accidents or injuries that happen on a work trip, even while not technically working, can be considered a work injury. The reason is because you wouldn’t be in that town in the first place, had you not been on a work trip.
Workers’ compensation claims for truck drivers, traveling employees and work-related injuries that occur away from the job site can be challenging and complex. At Krol, Bongiorno & Given, we understand that many families depend on the income of an injured worker, and we are proud of our record protecting the injured and disabled. We have handled well over 30,000 claims for injured workers throughout the state of Illinois.