Arya Bolurfrushan, the founder and CEO of Abu Dhabi-based AI startup AppliedAI, has pleaded guilty to conspiring to commit securities fraud. Bolurfrushan, a former Goldman Sachs banker, participated in a long-running insider trading scheme involving attorneys from major law firms who provided confidential merger information. According to unsealed court records, Bolurfrushan received tips from Nicolo Nourafchan and Robert Yadgarov, including information regarding the acquisition of Orchard Therapeutics by Kyowa Kirin Co Ltd. Bolurfrushan earned approximately $950,000 in trading profits from these illegal tips. As part of a plea deal reached in June 2025, prosecutors in Boston have recommended a two-year prison sentence and the forfeiture of $954,496. This case is part of a larger investigation involving dozens of individuals accused of profiting from non-public information regarding corporate mergers and acquisitions.