Lawyer Pleads Guilty For Using Golf Buddy’s Tip In Insider Trading Deal

Lawyer Douglas Parigian has pled guilty to conspiracy and securities fraud based on information shared by a golfing friend. The plea deal came after a federal judge in Boston would not dismiss the case, notwithstanding a recent appellate ruling narrowed the scope of insider trading laws. The golfing buddy, Eric McPhail, was told information about American Superconductor Corp from an executive, and then tipped off several golfing friends, including Parigian. Parigian is said to have earned more than $267,000 from the deal.