- Associated Press - Thursday, November 12, 2015

TRENTON, N.J. (AP) - A former managing clerk for an international law firm has admitted to stealing confidential information to be used in a five-year insider trading scheme that yielded more than $5.6 million in net profits.

Federal prosecutors said 41-year-old Steven Metro, of Katonah, New York, pleaded guilty Thursday to securities fraud and conspiracy charges in New Jersey.

Prosecutors say the scheme began in 2009.

They say Metro stole information from Simpson Thacher & Bartlett LLP and passed it to a friend, who gave it to Vladimir Eydelman. Eydelman pleaded guilty and faces up to 25 years in prison.

Prosecutors say the friend usually wrote the security’s ticker symbol on paper or napkin and showed it to Eydelman. The friend would then put the paper in his mouth and chew until it was destroyed.

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