EX-Morgan Stanley napkin-eating broker to plead guilty – 16th Jan 2015
A former Morgan Stanley MS.N stockbroker accused of a three-man insider trading scheme in which one of his co-conspirators allegedly wrote stock tips on napkins before eating them has agreed to plead guilty, according to a court filing. Vladimir Eydelman has reached a plea agreement with federal prosecutors in New Jersey, U.S. Magistrate Judge Cathy Waldor said in an order filed on Thursday granting a 60-day continuance to allow time to schedule his plea. Eydelman was charged with the $5.6 million scheme alongside two other men: Frank Tamayo, a Brooklyn, New York, mortgage broker, and Steven Metro, then a managing clerk at New York law firm Simpson Thatcher & Bartlett. According to prosecutors, Metro passed tips about the firm’s clients to Tamayo, a friend and former law school classmate, at bars or coffee shops, where Metro would write down the ticker symbols of stocks to be purchased on napkins or sticky notes.