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Thursday
Jul302015

Former Wilson Sonsini tech officer jailed for insider trading

A former senior information systems officer at a leading Silicon Valley-based law firm was jailed Wednesday for two years for insider trading.

Dmitry Braverman, 42, of Wilson Sonsini Goodrich & Rosati, used material nonpublic information about planned mergers and acquisitions of at least eight of the firm's clients, the DOJ said.

He earned trading profits of about $300,000. 

Braverman was arrested in September 2014 in San Mateo, California. Two months later he pleaded guilty to one count of securities fraud.

On Wednesday in New York, federal judge Paul A. Engelmayer also sentenced Braverman to two years of supervised release, with 100 hours of community service.

Among the companies Braverman traded from 2010 to 2013 were Gymboree Corp., Drugstore.com Inc., Epicor Software Corp., Xyratex, Dealertrack Technologies, and Seagate Technology.

Wilson Sonsini has ten offices in the U.S., three in Asia, and one in Europe. It started in Silicon Valley and is best known for representing clients there.

In another case, Matthew Kluger, a former lawyer at the firm, was sentenced in June 2012 to twelve years in prison for insider trading. He pleaded guilty in April 2011.

The firm suspended Braverman after his arrest.

A Wilson Sonsini spokesperson said then the "charges against a staff member are deeply disturbing to say the least. Client confidentiality is at the center of all we do, and we have strict policies and internal controls established to protect it. We have and will continue to provide our full support to the federal investigation.”

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Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.