In May 2026, the SEC announced securities fraud charges against 21 individuals in a wide-ranging insider trading scheme that spanned at least eight years. At the heart of the scheme are two lawyers, including one who allegedly misappropriated material nonpublic information (MNPI) about pending acquisitions from two top-tier law firms where he worked. They allegedly disseminated the MNPI through a web of familial, personal and professional relationships to individuals who traded on the information and then paid them and other defendants kickbacks from their illicit profits. The case illustrates the insider trading risks associated with M&A activity. This article details the SEC’s allegations, as well as related DOJ charges. See “Managing Prediction Market Insider Trading Risks” (Jul. 15, 2026).