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SEC Charges 28 In Wall Street Kickback Scheme

Law360 (September 20, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has charged 28 people, including 13 current and former Wall Street traders, in connection with a multimillion dollar stock-loan scam.

The SEC filed civil action in the Brooklyn district court Thursday after a long-running investigation into bribery and kickbacks in the securities lending industry, alleging traders at major brokerage houses conspired with phony “finders” to fleece profits on stock loan transactions.

Separately, federal prosecutors and the FBI on Thursday indicted five people in connection with the scam on charges of...
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