The Securities and Exchange Commission announced that on March 13, 2018, the United States District Court for the District of New Jersey granted the SEC's motion for summary judgment against Steven Metro, a former law firm employee previously charged as part of an insider trading scheme involving more than a dozen pending corporate transactions in which illegal tips were passed via napkins or post-it notes at Grand Central Terminal.

The Court found that Metro violated Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder, as well as Section 17(a) of the Securities Act of 1933. Metro was permanently enjoined from future violations of these provisions and ordered to pay a civil penalty of $25,000.

Metro pleaded guilty to criminal charges arising from his role in the scheme.

The SEC's investigation was conducted by Jason Burt and Carolyn Welshhans in the Enforcement Division's Market Abuse Unit with assistance from John Rymas, Mathew Wong, Daniel Koster, and Leigh Barrett. The case was supervised by Robert A. Cohen. The SEC's litigation was led by Stephan Schlegelmilch. The SEC appreciates the assistance of the U.S. Attorney's Office for the District of New Jersey, Federal Bureau of Investigation, and Financial Industry Regulatory Authority.

For additional information, see Litigation Release Numbers 22948, 23302, 23391, 23646, 23650, and 23667.