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An associate of Los Angeles’ Paul, Hastings, Janofsky & Walker was charged in a $4.8 million insider trading scheme involving a former Lehman Brothers representative and his wife, who worked at a public relations firm that had information on impending corporate deals.
Eric A. Holzer, 34, a Paul Hastings tax associate, was allegedly recorded discussing the scheme with Matthew C. Devlin, 35, of Lehman Brothers, whose wife, Nina Devlin, is a partner at the public relations firm Brunswick Group.
Matthew Devlin has already pleaded guilty in the case and is cooperating with prosecutors.
The criminal complaint against Holzer was one of three unsealed in the Southern District of New York, charging conspiracy and securities fraud.
An additional civil suit filed by the Securities and Exchange Commission details illegal trading on 13 impending transactions that Mr. Devlin learned about from his wife.
Devlin allegedly referred to his wife as the “golden goose” for the information she provided, information the SEC said he used to curry “favor with his friends and business associates and received in return cash, luxury items and other benefits.”
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