(Bloomberg) -- A man accused of aiding an insider-trading scheme by chewing up sticky notes after sharing market-moving information contained on them will avoid paying a fine in settling SEC claims.

Frank Tamayo was a middleman in a scheme involving Steven Metro, a former law clerk at Simpson Thacher & Bartlett, and ex-Morgan Stanley broker Vladimir Eydelman, the SEC said in a statement on Monday. In exchange for cooperating in the agency's ongoing case against the two men, Tamayo's penalty was limited to disgorging $1 million in ill-gotten gains and agreeing not to violate anti- fraud and securities laws, the SEC said.

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