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Tuesday April 12, 11:32
Specialist traders convicted of wrongdoing on NYSE
(by Dr.Goldfinger)
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About ten current and former NYSE traders known as specialists are charged with fraudulent and improper trading and face up to 20 years in jail for wrongdoing.
The firms employing New York Stock Exchange traders accused of wrongdoing are LaBranche & Co., Goldman Sachs Group Inc.’s Spear Leeds & Kellogg LP, Van Der Moolen Holding NV, Bear Wagner Specialists, Banc of America Specialist, SIG Specialists Inc. and Performance Specialist Group.
The specialists may be fined for as much as $1 million to $5 million, said the U.S. Attorney for the Southern District of New York, David Kelley.
The investigation launched some two years ago showed that some specialists were trading for their own account. Last year, the NYSE’s seven specialist firms agreed to pay a $247-million settlement to avoid complications.
The government regulator Securities and Exchange Commission said it will file civil securities-fraud charges against the specialist firms and NYSE.
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