May 9, 2018 / 8:12 PM / a year ago

Ex-Wall Street law clerk gets 37 months prison in insider case

May 9 (Reuters) - A former clerk at the Wall Street law firm Simpson Thacher & Bartlett was sentenced on Wednesday to 37 months in prison for his role in an insider trading ring that passed merger tips on napkins and Post-it notes in New York’s Grand Central Terminal.

Steven Metro, 44, formerly of Katonah, New York, learned his fate three months after the federal appeals court in Philadelphia threw out his original 46-month prison term, finding a lack of proof he was responsible for all $5.6 million of alleged illegal profit from the five-year scheme.

Prosecutors said Metro leaked transactions involving Simpson Thacher clients to mortgage broker Frank Tamayo, who passed the tips to former Morgan Stanley stockbroker Vladimir Eydelman at Grand Central’s main clock. Tamayo would then chew up the papers on which tips were written, prosecutors said.

Metro pleaded guilty in November 2015. Eydelman and Tamayo also pleaded guilty and were sentenced to three years and one year in prison, respectively.

Lawyers for Metro had no immediate comment on the sentencing by U.S. District Judge Michael Shipp in Trenton, New Jersey. Shipp had imposed the original 46-month term.

Metro has been held in a federal detention center in Philadelphia, prison records show. He also faces three years of supervised release. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below