SEC Charges 14th Trader In Stock-Loan Kickback Scam

Law360, New York (September 25, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Monday took legal action against another trader at a major brokerage firm in connection with a multimillion-dollar stock-loan scam that last week saw charges laid against more than a dozen Wall Street workers.

The commission's amended complaint added former Schonfeld Securities LLC trader Patrick Verid and his allegedly phony stock loan finder firm G.P. Institutional Services Inc. to the list of 28 defendants accused of involvement in the far-reaching kickback scheme.

The amended complaint claims Verdi conspired with former...
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