Spitzer Drops Case Against Broker

Law360, New York (November 21, 2005, 12:00 AM EST) -- New York Attorney General Elliot Spitzer’s far-reaching campaign against Wall Street fraudsters and scammers has hit a stumbling block, with the gubernatorial candidate abandoning criminal charges against two investment bankers in as many months.

On Monday, Spitzer dropped charges of fraud and grand larceny he had brought against former CIBC World Markets Corp. banker Paul Flynn.

Flynn, a former executive director of equity-arbitrage trading at an investment-banking unit of CIBC, was the subject of investigations by both Spitzer and the Securities and Exchange Commission.

Flynn allegedly...
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