2nd Circ. Nails Ex-Pritchard Broker Over Trading Fraud

Law360, New York (August 8, 2011, 3:06 PM EDT) -- The Second Circuit on Monday ruled that a former Pritchard Capital Partners LLC stockbroker defrauded mutual funds by letting hedge funds execute late trades, warranting stiff punishment from the U.S. Securities and Exchange Commission.

The appeals court flatly rejected John VanCook’s challenge to the SEC’s decision to bar him from the securities industry and impose more than $850,000 in disgorgement and fines for exploiting loopholes in a Banc of America Securities LLC trading system that allowed him to close on favorable mutual fund trades well after...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.