Forever lovers, boarding school chums on holiday, and reuniting old friends have been making that arrangement. Now we know, from Frank Tamayo's guilty plea, insider traders have also selected that landmark.
As David Voreacos reports in Bloomberg, in federal court in Trenton, Tamayo admitted guilt in"taking part in a five-year scheme that made $5.6 million in profit." He also described how he chewed and swallowed the tips to ensure not getting caught with evidence. A former mortgage broker at Morgan Stanley, he said the con lasted from 2009 until 2013. He faces 20 years. Here is that Bloomberg coverage.
For a while now the "eating the evidence" has been the comic story bouncing around the media. But, for BigLaw the point of focus is that one of those allegedly in that insider trading is Steven Metro. Before being fired last March, he had been a clerk at Simpson Thacher & Bartlett LLP. He shared informaton about possible mergers and acquisitions and tender offers. He is charged with nine counts of securities fraud.
The third alleged miscreant is Vladimir Eydelman. He had worked at Oppenheimer before he was arrested.
Of course, this would make a good movie. Not quite "The Wolf of Wall Street," but still a lot of fun. The audiences can watch the Clock, the vacillating arrogance and nervousness of the players, and how a major law firm gets duped.