A New Jersey man charged in an elaborate insider-trading scheme admitted on Wednesday to trading on secret information from one of New York's leading mergers-and-acquisitions law firms, according to court documents.
Vladimir Eydelman, 43 years old, pleaded guilty in federal court in Trenton, N.J. to conspiracy and fraud charges in connection with the five-year scheme that authorities said netted the men more than $5.6 million. Mr. Eydelman, a former broker-dealer with Oppenheimer & Co. and Morgan Stanley, is scheduled to be sentenced on Dec. 21.
His lawyers couldn't be reached for comment Wednesday.
Mr. Eydelman's friend and brokerage client, Frank Tamayo, 42, of Brooklyn, pleaded guilty to similar charges last year. A third man, 41-year-old Steven Metro, of Katonah, N.Y., has pleaded innocent and is scheduled to go to trial on Feb. 8.
Mr. Metro, then managing clerk at Simpson Thacher & Bartlett LLP, stands accused of accessing confidential information on corporate deals in the works involving the firm's clients, including the 2013 tie-up of OfficeMax Inc. and Office Depot Inc. and Liberty Media's 2009 bailout of Sirius XM Radio Inc.
The authorities say Mr. Metro would then pass on the information to Mr. Tamayo, a former law school classmate, at a series of meetings at bars and coffee shops arranged over text messages. Mr. Tamayo, in turn, passed on the tips, scribbled on napkins or sticky notes, to Mr. Eydelman.
The two friends, the authorities said, would often meet at Grand Central Terminal, under the iconic, four-sided clock in the main concourse's information booth. To destroy the evidence, the authorities said, Mr. Tamayo gobbled up the notes.
To cover up his end of the deal, the authorities say, Mr. Eydelman would write emails to make it look like the trades were based on market research.
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