NYSE Specialist Found Guilty Of Improper Trading

Law360, New York (October 26, 2006, 12:00 AM EDT) -- A former floor trader for Fleet Specialist Inc. was convicted Thursday on charges that he made 26,000 improper trades at the New York Stock Exchange.

David Finnerty, who allegedly cheated customers out of $4.5 million as a result of those trades, was found guilty of three counts of securities fraud by a federal jury of six men and six women. He now faces up to 20 years in prison.

According to prosecutors, who first filed the criminal action in April 2005, Finnerty made improper trades in...
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