Channel NewsAsia
AsiaPac · 2 hrs ago
AI startup CEO pleaded guilty in US to trading on insider tips from lawyers
BOSTON, July 7 : The founder and chief executive of an AI startup secretly pleaded guilty last year to participating in a vast scheme in which attorneys at major law firms tipped traders about mergers their employers were advising on.Court records unsealed on Monday show that Arya Bolurfrushan, a former Goldman Sachs banker who founded Abu Dhabi-based AppliedAI, pleaded guilty in June 2025 after striking a deal with federal prosecutors in Boston who were working to build cases against dozens of other people accused of participating in the long-running insider trading scheme.Those individuals include Nicolo Nourafchan, who had worked at the law firms Sidley Austin, Latham & Watkins and Goodwin Procter before prosecutors in May unveiled charges against him and 29 other people accused of enga
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