Squawk Box Traders Found Guilty Of Conspiracy

Law360, New York (April 22, 2009, 12:00 AM EDT) -- Six securities traders and brokers — formerly of A.B. Watley, Merrill Lynch & Co. Inc., Citigroup Global Markets Inc. and Lehman Brothers Inc. — were found guilty of conspiring to provide access to confidential information about planned securities orders via internal “squawk boxes,” in a verdict returned by a jury Wednesday afternoon.

Following a three-week trial and two days of jury deliberation, the six defendants now face sentences of up to 25 years and $250,000 in fines following their convictions on charges of conspiracy to commit...
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