Following a series of settlements reached by New York Attorney General Eliot Spitzer with financial institutions over late-trading offences, jury selection began this week for the first high profile trial of the individuals involved in the matter.
Former Bank of America broker, Theodore Sihpol III is alleged to have put in place the arrangement which allowed the Canary Capital hedge fund to engage in improper trading activities, the discovery of which sparked an industry-wide investigation.
He stands accused of 40 counts of grand larceny, securities fraud and falsifying business records, and could face a custodial sentence of more than 25 years if convicted.
Mr Sihpol's legal team has argued that the former broker has been made into a scapegoat by the New York AG, whilst his superiors at Bank of America and co-conspirators at Canary Capital have escaped individual censure.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment