Passing notes at Grand Central: SEC settles insider trading case

Reuters News
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Posted: Jul 13, 2015 12:45 PM

WASHINGTON (Reuters) - The U.S. Securities and Exchanges Commission announced a settlement on Monday in an insider trading scheme involving notes on napkins and post-its passed at Grand Central Terminal in New York.

The SEC said the settlement was reached with Frank Tamayo of Brooklyn, who the SEC said received tips from a law firm clerk and relayed them to a stockbroker at the train station on napkins or notes, which he then chewed up or ate.

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Tamayo cooperated in the SEC investigation and will not face a monetary penalty, it said.

(Reporting by Doina Chiacu; Editing by Will Dunham)