The plea agreement, unsealed in Boston this week, reveals that Bolurfrushan conspired to commit securities fraud by trading on non-public information regarding upcoming acquisitions. Federal authorities recommended a two-year prison sentence and the forfeiture of $954,496 in gains derived from the operation. The scheme involved tips passed from Nicolo Nourafchan, a former associate at Goodwin Procter, and personal injury lawyer Robert Yadgarov.

Investigators state that Bolurfrushan was recruited into the ring in 2023 while residing in Dubai. Court documents detail his use of inside information concerning the acquisition of Orchard Therapeutics by Kyowa Kirin and investment firm Sixth Street’s planned purchase of Enstar. While Bolurfrushan has reached a resolution with the government, Nourafchan and Yadgarov have pleaded not guilty and are currently awaiting trial. Nine other individuals involved in the broader conspiracy also entered secret guilty pleas prior to the public announcement of the indictments.