Kluger Admits Stealing Law-Firm M&A Secrets in Trading Scheme

Attorney Matthew Kluger, admitting to helping fuel an insider-trading scheme that prosecutors said generated $37 million in illegal profits, pleaded guilty to stealing corporate merger tips from four law firms. Kluger, was the third defendant to plead guilty, admitting in federal court in Newark, New Jersey, that he stole nonpublic data on about 30 corporate transactions over 17 years. He said he passed tips to middleman Kenneth Robinson, who gave them to trader Garrett Bauer to buy shares. When the deals went public, Bauer sold shares and gave cash to his partners.

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