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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.
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.
Steven Metro, 40, of Katonah, ...
whiteplainscnr.com, 20 Mar 2014 [cached]
Steven Metro, 40, of Katonah, New York, and Vladimir Eydelman, 42, of Colts Neck, New Jersey, are both charged by complaint with one count of conspiracy to commit securities fraud and tender offer fraud, as well as multiple counts of securities fraud and tender offer fraud: Metro is charged with nine counts of securities fraud; Eydelman is charged with eight counts of securities fraud; and each defendant is charged with four counts of tender offer fraud.
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Steven Metro, 40, of Katonah, New York, and Vladimir Eydelman, 42, of Colts Neck, New Jersey, are both charged by complaint with one count of conspiracy to commit securities fraud and tender offer fraud, as well as multiple counts of securities fraud and tender offer fraud: Metro is charged with nine counts of securities fraud; Eydelman is charged with eight counts of securities fraud; and each defendant is charged with four counts of tender offer fraud.
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FBI agents arrested Metro in Katonah and Eydelman in Colts Neck Wednesday morning.
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"These defendants are charged with using confidential information that Metro stole from his employer to reap huge illegal profits," U.S. Attorney Fishman said. "They allegedly rigged the system by exploiting sensitive information that was not available to other investors. This kind of activity undermines the integrity of our financial markets and weakens investor confidence."
"As alleged in the complaint, Metro, Eydelman, and another engaged in a lengthy insider trading scheme that reaped more than five million in illicit profits," said FBI Special Agent in Charge Aaron T. Ford.
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Metro, Eydelman, and a third person who subsequently became a cooperating witness-referred to in court documents as "the CW"-engaged in an insider trading scheme that began in 2009.
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Starting in November 1999, Metro worked at the New York office of Simpson Thacher & Bartlett LLP, one of the nation's premier mergers and acquisitions law firms. During the period of the trading scheme, he was the firm's managing clerk, responsible for, among other things, filing pleadings on behalf of attorneys.
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While at the law firm, Metro repeatedly obtained inside information regarding anticipated corporate mergers and acquisitions on which his firm was working. He disclosed the material, non-public information to his friend, the CW. Metro would arrange to meet the CW in person and would disclose inside information, including the stock exchange ticker symbol of the company in which to invest and the pricing and/or timing of the planned transaction.
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Over the four-year period, the CW reinvested approximately $7,000 in profits that Metro made on the first deal and updated Metro on the running balance of his profits from the insider trading scheme. As of October 2013, by which time the conspirators had traded ahead of at least 13 planned corporate transactions, Metro's share of the profits had reached approximately $168,000.
The complaint specifically identifies the 12 transactions and one uncompleted transaction ahead of which Eydelman, Metro, and the CW traded between February 2009 and February 2013.
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During the course of one meeting with the CW on January 28, 2014, Metro expressed his desire to cash out his share of the illicit profits. Metro stated to the CW, "You gotta try to liberate some cash, somewhere, or I'm going to be freakin' flat out. Metro also promised to let the CW know of any planned M&A deals that he came across in the future, stating that although "right now it's all been private equity, private equity...I think this year, it's going to be a good year[.]"
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Eydelman came through with the $7,000 in cash for the CW to use to compensate Metro for tipping them inside information.
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While Metro relied on the CW to reinvest his illicit profits on his behalf, Eydelman realized substantial personal profits on an ongoing basis from the insider trading scheme and used these unlawful proceeds to purchase a new 2011 Maserati Grand Turismo for $117,700 and to spend tens of thousands of dollars on expensive jewelry.
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The conspiracy count with which Metro and Eydelman are each charged carries a maximum potential penalty of five years in prison and a $250,000 fine or twice the aggregate loss to victims or gain to the defendants.
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