Ex-Prudential Broker Asks 2nd Circ. To Nix Negligence Claim

Law360, New York (July 26, 2013, 4:45 PM EDT) -- A former Prudential Securities Inc. broker who beat civil fraud allegations tied to market timing asked the Second Circuit on Thursday to vacate a lower court's related negligence findings, arguing that the U.S. Securities and Exchange Commission failed to show any evidence that the broker acted improperly.

The SEC concentrated on fraud allegations in its prosecution of Frederick O'Meally, but “cobbled” together its negligence case, according to Thursday's brief. Though the jury cleared the ex-broker of fraud charges connected to market timing on behalf of his hedge...
To view the full article, register now.