Arguments Begin In NYSE Fraud Case

Law360, New York (June 16, 2006, 12:00 AM EDT) -- Federal prosecutors opened their arguments on Thursday against two former high-profile traders at the New York Stock Exchange, accusing them of defrauding investors.

The defendants, Michael Hayward and Michael Stern, are the first two of fifteen stock traders indicted for fraud in April to go to trial. Hayward and Stern are two of seven specialists with Van der Moolen Specialists USA LLC being charged.

According to the Department of Justice, the defendants face up to 10 years in prison and up to $1 million in fines...
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