Ex-Van Der Moolen Specialists Convicted Of Fraud

Law360, New York (July 17, 2006, 12:00 AM EDT) -- A jury has convicted two former traders at Van der Moolen Specialists on one count of securities fraud each for their role in a trading scandal at the New York Stock Exchange.

Michael Hayward and Michael Stern were each acquitted on charges of conspiracy and two counts of fraud.

A 12-person jury of eight women and four men began deliberations over the fate of the two former specialists last Tuesday in New York District Court and announced the ruling on Friday.

Hayward and Stern were accused...
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