December 1, 2011 4:23 PM
Former Ropes & Gray Associate Santarlas Sentenced to Six Months in Galleon Case
Posted by Tom Huddleston Jr.
Former Ropes & Gray associate Brien Santarlas was sentenced Wednesday in federal district court in Manhattan to six months in prison for his role in the Galleon Group insider trading case, according to sibling publication the New York Law Journal.
U.S. district court judge Richard Sullivan ordered the punishment almost two years after Santarlas pleaded guilty to selling information about Ropes clients to ex-Galleon trader Zvi Goffer. Santarlas and two others—personal injury lawyer Jason Goldfarb and fellow ex-Ropes associate Arthur Cutillo—admitted to collecting $32,500 apiece from Goffer in exchange for information about confidential transactions, including merger agreements and loans. Goldfarb was sentenced to three years in prison, while and Cutillo received a two-and-a-half-year sentence, according to the NYLJ.
Santarlas, who was disbarred last year, hoped to receive leniency in his sentencing because of his cooperation with the government, according to previous NYLJ reports. He testified in May that he and Cutillo had been "snooping" around Ropes & Gray in order to look at documents, access firm computers, and press fellow attorneys for tips on pending deals from such clients as 3Com and Axcan Pharma.
Sullivan also ordered Santarlas to make a $32,500 forfeiture payment and tacked on a $200 special assessment, according to a spokeswoman for the U.S. attorney's office in New York's Southern District.
Galleon CEO Raj Rajaratnam was found guilty in May of 14 counts of securities fraud and conspiracy. In October he received the longest-ever sentence for insider trading, 11 years in prison, and fined $10 million. According to The Wall Street Journal, a federal appeals court ruled Thursday that Rajaratnam must begin serving his sentence while appealing his conviction.Make a comment