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This profile was last updated on 4/1/14  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Steven Metro

Wrong Steven Metro?

Managing Clerk

Local Address: New York, United States
Simpson Thacher & Bartlerr LLP
 
Background

Employment History

15 Total References
Web References
It charges that Steven ...
www.stockattorneysblog.com, 1 April 2014 [cached]
It charges that Steven Metro, 40, the managing clerk at Simpson Thacher & Bartlerr LLP in New York, stole information from the files of 13 of the law firm's clients for the express purpose of sharing that information with an undisclosed middleman. The middleman then called stock broker, Vladimir Eydelman, 42, asking him to buy additional shares of Sirius XM Radio, as Metro had disclosed to the middleman that Liberty Media Corp. was planning to invest over $500 million in the flagging company.
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Although the middleman set aside funds to pay Metro as a "thank you" gesture, Metro told him to leave it in his brokerage account and then invest it for Metro once he passed him further inside information. These future transactions continued until February 2013 and included trades that he made not only on his own behalf, but also for friends, family, and clients and resulted in profits of more than $5.6 million.
Metro shared information with the middleman through various methods, including notes of ticker symbols on napkins or adhesive notes. On at least one such occasion, the middleman actually chewed up and swallowed a note while meeting Metro at Grand Central Terminal. Another method used in providing information to the middleman was Metro typing ticker symbols or company names on his cell phone screen and then indicating which one was being bought or sold.
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Metro was summarily terminated once Simpson Thacher found out about the charges that had been leveled against him.
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Although it is not clear how the FBI learned of the practices of the three men involved, the middleman worked with the FBI by recording conversations with Mr. Metro and Mr. Eydelman.
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Both of the men were charged with securities fraud - Metro, 9 counts, Eydelman, 8 counts.
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In addition to these charges, Simpson Thacher has filed suit against Metro for the theft of its data, and an arrest warrant was issued by the U.S. District Court in Newark, NJ.
Steven Metro, the law firm ...
www.myquitamlawsuit.com [cached]
Steven Metro, the law firm clerk with Simpson Thacher & Bartlett; and
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Metro and his friend, the Middleman, met for drinks one night in a bar. The Middleman was worried about his Sirius XM Radio shares, but Metro allegedly allayed his friend's fears with some inside information that Liberty Media Corporation was about to invest over $500 million in Sirius.
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The Middleman set aside $7,000 of his illicit proceeds from the insider trade as a reward for Metro. The law firm clerk, however, instructed the Middleman to invest the money on Metro's behalf based on future insider information. From there, the three established a secretive routine for passing along insider tips from Metro through the Middleman and ultimately to Eydelman, who allegedly conducted illicit trades based on tips concerning a dozen different companies.
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Metro would find the tips about his law firm's corporate clients by tapping into confidential records kept in the firm's computer files. Metro passed the tips to the Middleman during in-person meetings at a coffee shop. The Middleman would travel from the coffee shop to Grand Central terminal, where he would wait by the clock and information booth.
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Metro, meanwhile, would receive a portion of the Middleman's profits in exchange for providing the nonpublic information. Eydelman's employer paid him significant commissions on the trades, as well as performance bonuses that were inflated because of the illegal profits. Metro was apportioned over $168,000 for his share of the Middleman's profits. The SEC is seeking a full disgorgement of the ill-gotten gains from both Eydelman and Metro, along with prejudgment interest and penalties.
SEC News, Stockbroker Attorney, Securities Arbitration, David A. Weintraub
www.stockbrokerlitigation.com, 23 Nov 2012 [cached]
The SEC alleged that Vladimir Eydelman and Steven Metro were linked through a mutual friend who acted as a middleman in the illegal trading scheme.
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Metro, who worked at Simpson Thacher & Bartlett in New York, obtained material nonpublic information about corporate clients involved in pending deals by accessing confidential documents in the law firm's computer system. Metro typically tipped the middleman during in-person meetings at a New York City coffee shop, and the middleman later met Eydelman, who was his stockbroker, near the clock and information booth in Grand Central Terminal.
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The middleman allocated a portion of his profits for eventual payment back to Metro in exchange for the inside information. Metro also personally traded in advance of at least two deals.
According to the SEC's complaint, the insider trading scheme began in early February 2009 at a bar in New York City when Metro met the middleman and other friends for drinks. When Metro and the middleman separated from the rest of their friends and began discussing stocks, the middleman expressed concern about his holdings in Sirius XM Radio and his fear that the company may go bankrupt. Metro divulged that Liberty Media Corp. planned to invest more than $500 million in Sirius, and said he obtained this information by viewing documents at the law firm where he worked.
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The middleman told Metro following the announcement that he had set aside approximately $7,000 for Metro as a "thank you" for the information. Instead of taking the money, Metro told the middleman to leave it in his brokerage account and invest it on Metro's behalf based on confidential information that he planned to pass him in the future.
Also according to the SEC's complaint, Metro tipped and Eydelman traded on inside information about 12 more companies as they settled into a routine to cloak their illegal activities.
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Metro pointed to the names or ticker symbols to indicate which company was the acquirer and which was being acquired. Metro also conveyed the approximate price of the transaction and the approximate announcement date.
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The middleman's agreement with Metro resulted in more than $168,000 being apportioned to Metro as his share of profits from the insider trading scheme in addition to his profits from personally trading in advance of at least two transactions.
The SEC's complaint charged Metro and Eydelman with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 as well as Section 17(a) of the Securities Act of 1933.
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The complaint is seeking a final judgment ordering Metro and Eydelman to pay disgorgement of their ill-gotten gains plus prejudgment interest and penalties, and permanent injunctions from future violations of these provisions of the federal securities laws.
The SEC alleges that Vladimir ...
piaba.org, 19 Mar 2014 [cached]
The SEC alleges that Vladimir Eydelman and Steven Metro were linked through a mutual friend who acted as a middleman in the illegal trading scheme.
...
Metro, who works at Simpson Thacher & Bartlett in New York, obtained material nonpublic information about corporate clients involved in pending deals by accessing confidential documents in the law firm's computer system. Metro typically tipped the middleman during in-person meetings at a New York City coffee shop, and the middleman later met Eydelman, who was his stockbroker, near the clock and information booth in Grand Central Terminal.
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The middleman allocated a portion of his profits for eventual payment back to Metro in exchange for the inside information. Metro also personally traded in advance of at least two deals.
In a parallel action, the U.S. Attorney's Office for the District of New Jersey today announced criminal charges against Metro, who lives in Katonah, N.Y., and Eydelman, who lives in Colts Neck, N.J.
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According to the SEC's complaint filed in U.S. District Court for the District of New Jersey, the insider trading scheme began in early February 2009 at a bar in New York City when Metro met the middleman and other friends for drinks. When Metro and the middleman separated from the rest of their friends and began discussing stocks, the middleman expressed concern about his holdings in Sirius XM Radio and his fear that the company may go bankrupt. Metro divulged that Liberty Media Corp. planned to invest more than $500 million in Sirius, and said he obtained this information by viewing documents at the law firm where he worked.
...
The middleman told Metro following the announcement that he had set aside approximately $7,000 for Metro as a "thank you" for the information. Instead of taking the money, Metro told the middleman to leave it in his brokerage account and invest it on Metro's behalf based on confidential information that he planned to pass him in the future.
According to the SEC's complaint, Metro tipped and Eydelman traded on inside information about 12 more companies as they settled into a routine to cloak their illegal activities.
...
Metro pointed to the names or ticker symbols to indicate which company was the acquirer and which was being acquired. Metro also conveyed the approximate price of the transaction and the approximate announcement date.
...
The middleman's agreement with Metro resulted in more than $168,000 being apportioned to Metro as his share of profits from the insider trading scheme in addition to his profits from personally trading in advance of at least two transactions.
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The complaint seeks a final judgment ordering Metro and Eydelman to pay disgorgement of their ill-gotten gains plus prejudgment interest and penalties, and permanent injunctions from future violations of these provisions of the federal securities laws.
Authorities in March had accused ...
www.mid-day.com, 15 Nov 2014 [cached]
Authorities in March had accused Steven Metro, a managing clerk at Simpson Thacher & Bartlett, of passing tips about the law firm's clients through Tamayo to Morgan Stanley stockbroker Vladimir Eydelman, who traded for himself, his family, customers and Tamayo.
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They said Tamayo would meet Metro, a friend and former law school classmate, at Manhattan bars or coffee shops, and write the ticker symbols of stocks to be bought on napkins or Post-It notes.
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