A stockbroker has admitted his role in a five-year insider trading scheme that yielded more than $5.6 million in net profits.
Federal prosecutors say 43-year-old Vladimir Eydelman pleaded guilty Wednesday in New Jersey to conspiracy to commit securities and tender offer fraud, securities fraud and tender offer fraud. He faces up to 25 years in prison at his Dec. 21 sentencing.
Prosecutors say the scheme began in 2009.
They say the managing clerk of a New York law firm stole insider information and passed it to a friend, who gave it to Eydelman.
Prosecutors say the friend usually wrote the security's ticker symbol on a piece of paper or napkin and showed it to Eydelman. The friend would then put the paper in his mouth and chew until it was destroyed.