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20 March 2014

Simpson Thacher clerk charged over $5.6m insider trading

Confidential information from the 800-lawyer firm Simpson Thatcher & Bartlett has been allegedly used for insider trading since 1999 by its managing clerk, according to charges brought against him yesterday.

By Melissa Lesh

The managing clerk at New York law firm Simpson Thacher & Bartlett was charged with insider trading. Songquan Deng

Steven Metro and friends allegedly made over $5.6m by stealing confidential information on mergers, acquisitions, and tender offers. It is claimed that Vladimir Eydelman, a stockbroker at Morgan Stanley, was Metro’s alleged middleman. He is said to be a co-operating witness, telling authorities the details of the scheme. US Attorney Paul Fishman said: ‘These defendants are charged with using confidential information that Metro allegedly stole from his employer to reap huge illegal profits.’  According to federal authorities, Eydelman and Metro invested more than $33m over four years to buy securities in 13 transactions.  Source: SF Gate

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