Ex-AB Watley COO Makes Deal In Squawk Box Case

Law360, New York (January 14, 2009, 12:00 AM EST) -- U.S. prosecutors have dropped the sole remaining criminal charge against a former A.B. Watley Group Inc. executive in exchange for help in securing convictions against alleged co-conspirators in a securities fraud case involving squawk boxes.

Robert Nardoza, a spokesman for the U.S. Attorney's Office for the Eastern District of New York, confirmed Wednesday the deferred prosecution agreement with Michael A. Picone, the day-trading firm's former chief operating officer.

“He has agreed to cooperate with our prosecution and in return the U.S. has dropped a count of...
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