On March 15, 2017, a federal jury in the Eastern District of New York returned a guilty verdict against Robert Schulman, a former partner of a Richmond-based global law firm, for securities fraud and conspiracy to commit securities fraud.  According to the indictment, Schulman tipped off the executive of an investment advisory firm about a pending merger between Pfizer, Inc. and King Pharmaceuticals, Inc., which he had learned of through his representation of King Pharmaceuticals.  Schulman and his co-conspirators then used the material non-public information to engage in securities transactions ahead of the merger announcement.  Those transactions resulted in more than $400,000 in ill-gotten gains.  United States v. Schulman, 16-cr-442 (E.D.N.Y.). DOJ press release

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