Ropes & Gray Lawyer Cutillo ‘Fueled’ $20 Million Insider Scheme
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When Bain Capital LLC said it would buy 3Com Corp. for 44 percent more than the stock price, one unexpected beneficiary was Arthur Cutillo, an associate at the Ropes & Gray LLP law firm advising the private-equity company, according to the FBI.
Cutillo owned part of a 75,000-share 3Com stake bought using information he passed on ahead of the 2007 deal in exchange for kickbacks, according to court documents accusing the lawyer of securities fraud. The stock was sold at a profit before Boston-based Bain, whose affiliates run $60 billion in assets, backed away from the deal, the FBI said in a criminal complaint.