NEWARK, N.J. (AP) — Federal prosecutors in New Jersey have accused the managing clerk of a New York City law firm and a stock broker of netting nearly $6 million through an insider trading scheme.
FBI agents on Wednesday arrested 40-year-old Steven Metro of Katonah, N.Y., and 42-year-old Vladimir Eydelman of Colts Neck, N.J. Both are charged with conspiracy to commit securities fraud, securities fraud and tender offer fraud.
Federal authorities allege Metro stole insider information from the law offices of Simpson Thacher & Bartlett and passed it on to a friend, who became a cooperating witness. Authorities say the friend would then divulge the information to Eydelman, who worked at Oppenheimer and Morgan Stanley.
Prosecutors say the scheme began in 2009.
An initial court appearance is set for Wednesday afternoon.