Ex-Morgan Stanley broker pleads guilty to insider trading

A former Morgan Stanley broker pleaded guilty to trading on insider corporate tips he got from a middleman who showed him secret notes before chewing and swallowing them at New York’s Grand Central Terminal.

Bloomberg News reports that Vladimir Eydelman, 43, admitted Wednesday in federal court in Trenton, New Jersey, that he traded on information stolen from computers at Simpson Thacher & Bartlett, a New York law firm.

The five-year scheme made $5.6m in profit, according to a statement by U.S. Attorney Paul Fishman. Eydelman was charged in March 2014 and fired by his firm.

Frank Tamayo, 42, pleaded guilty in September 2014 to his role as the middleman. Eydelman admitted he would meet Tamayo near the large clock inside the main concourse at Grand Central station to receive the stolen data. He said Tamayo wrote the relevant ticker symbols on pieces of paper or napkins and showed them to Eydelman before eating them.

To access the complete Bloomberg News article hit the link below:

Ex-Morgan Stanley Broker Pleads Guilty to Insider Trading

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