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Judge Throws Out NYSE Trader’s Fraud Conviction

Law360 (February 21, 2007, 12:00 AM EST) -- A district court judge on Wednesday tossed the conviction of a former trader for Wall Street firm Fleet Specialist Inc., ruling that prosecutors failed to prove that he had engaged in illegal trading.

Judge Denny Chin of the U.S. District Court for the Southern District of New York ruled that the government failed to prove that David Finnerty had violated securities laws.

Finnerty was originally convicted on charges that he made 26,000 improper trades at the New York Stock Exchange.

The former Fleet trader, who allegedly...
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