SEC Charges Former Attorney at U.S.-Based Global Law Firm with Insider Trading

The Securities and Exchange Commission today announced insider trading charges against Romero Cabral da Costa Neto for trading based on material, nonpublic information concerning a client of the global law firm where he worked as a visiting attorney from Brazil. According to the SEC’s complaint, in 2023, during Costa’s one-year term of employment as a visiting attorney at the law firm, he accessed confidential information about the law firm’s work on the biopharmaceutical company Swedish Orphan Biovitrum AB’s acquisition of CTI BioPharma Corp. (CTIC). The complaint alleges that, on May 9, 2023, the day before the deal was publicly announced, Costa purchased more than 10,000 shares of CTIC.