SEC Charges 14th Trader In Stock-Loan Kickback Scam

Law360, New York (September 25, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Monday took legal action against another trader at a major brokerage firm in connection with a multimillion-dollar stock-loan scam that last week saw charges laid against more than a dozen Wall Street workers.

The commission's amended complaint added former Schonfeld Securities LLC trader Patrick Verid and his allegedly phony stock loan finder firm G.P. Institutional Services Inc. to the list of 28 defendants accused of involvement in the far-reaching kickback scheme.

The amended complaint claims Verdi conspired with former...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.