A law clerk and a Morgan Stanley trader have been charged with insider trading, in a plot that involved passing information through messengers, including one who would eat his notes after using them, Reuters reports.
The clerk, Steven Metro, would pass tips about his firm’s corporate transactions to stockbroker Vladimir Eydelman through messengers, reports Reuters. Eydelman would trade for himself, family and clients, the SEC alleges.
He made $5.6 million in profit on 12 transactions, say authorities. Some of that money went back to Metro. The trades were worth $33 million.
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