A former New York law firm partner who allegedly made almost $18 million trading in the securities of his clients has been arrested on fraud charges.

Louis W. Zehil, until Feb. 16 a partner in the New York office of Richmond, Va.’s McGuireWoods, allegedly used his position as issuer’s counsel in seven private placement transactions occurring between January 2006 and last month to accumulate millions of discounted shares, absent the sale restrictions such discounts generally entail. He allegedly sold the stocks at a vast profit.