Ex-Optionable CEO Admits Inflating Trader's Book

Law360, New York (August 15, 2011, 2:16 PM EDT) -- Ex-Optionable Inc. CEO Kevin Cassidy pled guilty Monday in New York to conspiring with a Bank of Montreal trader to overstate the value of the bank's natural gas options book, which prosecutors claimed concealed millions in losses.

Cassidy, who pled guilty to conspiracy to commit wire fraud, admitted to U.S. District Judge Thomas P. Griesa that he had his commodities brokerage firm furnish price quotes provided by the bank's own trader when the bank had sought independent quotes.

“I knew this was wrong at the time,”...
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