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Former Fleet Specialist Starts NYSE Fraud Trial

Law360 (October 13, 2006, 12:00 AM EDT) -- In a case that could be crucial in the government’s ongoing pursuit of improper trading practices at the NYSE, David Finnerty, a former floor trader for Fleet Specialist Inc., started his fraud trial on Friday.

Finnerty is accused of making improper trades in General Electric Co. stocks and two biotech stocks. He faces three counts of securities fraud for an alleged scheme in which he made 26,000 improper trades.

Finnerty generated $4.5 million in illegal profits by trading ahead of, or in between, customer orders from...
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