A former partner at a major law firm was convicted on Wednesday of insider trading charges for having tipped a Long Island, New York investment adviser about Pfizer’s plan to buy King Pharmaceuticals Inc in 2010.
Robert Schulman, who worked at the time at Hunton & Williams in Washington, DC, was convicted of securities fraud and conspiracy jurors in Brooklyn federal court after about 4-1/2 hours of deliberations.
Prosecutors said Schulman, who had represented King in patent litigation since 2009, tipped his friend Tibor Klein, the owner of Valley Stream-based Klein Financial Services, about the $3.6 billion Pfizer takeover in advance.
Klein then allegedly bought King securities for himself, Schulman and clients, and passed the tip to his friend Michael Shechtman, a Florida stockbroker, resulting in more than $400,000 of overall illegal profit, prosecutors have said.
Full Content: Above The Law
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