Another Reason Not To Take Your Work Home

The SEC filed insider trading charges Tuesday against Lee Edelman, a 34-year-old New York stockbroker it accused of trading on information he gleaned via his live-in girlfriend, an associate in the New York office of Weil, Gotshal & Manges. According to the SEC, Edelman made $23,000 trading in Metron Technology ahead of the announcement in August 2004 that it was being acquired by San Jose’s Applied Materials. Edelman allegedly learned of the transaction when his girlfriend brought deal documents home to review and discuss with colleagues over the phone.

Edelman bought 12,000 shares without telling her, the SEC said. Several days later, the SEC said, the associate told Edelman she was working on the deal and he agreed he wouldn’t do anything with the information. He broke up with her several weeks later, the SEC said.

The associate wasn’t identified. Richard Millard, a partner in Weil’s Silicon Valley office who worked on the Metron acquisition, referred questions to a partner in New York who wasn’t available for comment Tuesday.
— Greg Mitchell 

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