A FINRA arbitration panel ordered former Morgan Stanley Wealth Management broker Vladimir Eydelman, to repay over $3 million which he owed on promissory notes to the firm.
Eydelman was accused by the SEC of being involved in an insider trading scheme that allegedly netted over $5.6 million in profits to him over a 4 year period. A tipster, Steven Metro and Brooklyn mortgage broker Frank Tamayo stole data about mergers, acquisitions and tender offers from computers at Simpson Thacher & Bartlett. The data was allegedly passed on by writing the ticker symbol on a piece of paper and showing it to Mr. Eydelman near the large clock in Grand Central Station.
According to a charging document, the paper was then folded up and eaten to destroy it.
Loans to brokers are used by brokerage firms as a recruiting incentive to get a broker to move from Firm A to Firm B and bring along his book of business. They are oftentimes 150% or more of the annual gross revenue of a broker and the notes are forgiven over a period of years based upon the broker’s performance.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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