A former attorney at Wachtell, Lipton, Rosen & Katz, who later joined boutique investment bank LionTree, has been identified as an unindicted co-conspirator in a vast insider trading case. Avi Sutton, who was LionTree’s general counsel and chief operating officer, is reportedly the unnamed former Wachtell attorney referenced in an indictment unsealed last Wednesday. Prosecutors unveiled charges against 30 individuals implicated in the decade-long scheme, which allegedly generated tens of millions of dollars in illegal profits, marking one of the largest such cases in years.
Sutton, who served as an associate at Wall Street law firm Wachtell from 2013 to 2022, was identified by sources as “CC-2” in one of the indictments. Prosecutors describe “CC-2” as a participant in the scheme, providing tips on forthcoming merger and acquisition deals in exchange for money. Wachtell is a prominent New York-based Wall Street law firm advising on hundreds of billions of dollars in merger deals each year. LionTree, a boutique investment bank, primarily focuses on technology, media, and telecommunications deals.
LionTree promptly placed Sutton on leave, stating he is “no longer active at the firm” and that there are no allegations of wrongdoing against the company, which identifies itself as a victim. Wachtell Lipton also confirmed its status as a victim, noting the individual in question left the firm over four years ago and that they have cooperated fully with the U.S. Attorney’s office. The scheme, allegedly orchestrated by lawyers Nicolo Nourafchan and Robert Yadgarov, involved obtaining confidential details on nearly 30 unannounced merger deals from major law firms between 2014 and 2024. Sutton reportedly provided tips on deals including the 2014 acquisition of Tim Hortons and a 2023 deal involving Adevinta.
