Former Willkie Farr lawyer cooperates in major U.S. insider trading case, prosecutors say

A former Willkie Farr & Gallagher attorney, Gabriel Gershowitz, is cooperating with U.S. authorities in a major insider trading case in Boston asourceser admitting in February 2025 that he passed confidential merger information to two other lawyers, prosecutors said.

The case, announced Wednesday, May 7, 2026, alleges that attorneys at major law firms leaked information about roughly 30 non-public mergers to an insider trading ring, helping generate tens of millions of dollars in illegal profits. The U.S. Securities and Exchange Commission has also filed a related civil case.

Gershowitz is among nine people who have pleaded guilty since 2024 in sealed proceedings, according to prosecutors, as the Boston U.S. attorney’s office builds what it calls one of the largest U.S. insider trading cases in years.

Prosecutors and the SEC allege the scheme was orchestrated by corporate lawyer Nicolo Nourafchan and personal injury attorney Robert Yadgarov. They were among 19 people arrested on Wednesday, according to prosecutors.

Prosecutors said the alleged conduct began around 2013, and that Gershowitz began providing tips by at least 2019 while at Weil, Gotshal & Manges. The activity allegedly continued through his subsequent employment at DLA Piper and later Willkie Farr & Gallagher until February 2025.

In court papers, prosecutors said Gershowitz pleaded guilty to a securities fraud conspiracy count and is positioned to be a key witness if Nourafchan and Yadgarov go to trial on securities fraud and related charges.

Prosecutors have agreed to recommend a two-year prison sentence for Gershowitz, court filings show, citing his ongoing cooperation. His sentencing has been repeatedly delayed, prosecutors said, due to that cooperation.

Willkie said it has cooperated with investigators and that the alleged conduct would violate its compliance policies. Prosecutors said the law firms involved are considered victims of the alleged misconduct.