Wall Street Probes Will Need Smoking Gun: Experts

Law360, New York (May 13, 2010, 6:09 PM EDT) -- More reports have surfaced that major Wall Street banks are facing criminal probes examining whether investors were misled about the banks' roles in mortgage-bond deals. But if any of those investigations are to turn into criminal lawsuits, prosecutors will have to find the securities fraud equivalent of a smoking gun, experts say.

The U.S. Securities and Exchange Commission and the U.S. attorney's office for the Southern District of New York are reportedly working together on an early-stage criminal probe of several major Wall Street banks, including...
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