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Citigroup Trader Barred After "Squawk Box" Scandal

Law360 (November 14, 2005, 12:00 AM EST) -- An investigation by the Securities and Exchange Commission has uncovered a scheme to help day traders eavesdrop on “squawk box” conversations at Citigroup, Merrill Lynch and Lehman Brothers to profit from insider information about large institutional transactions.

On Monday, the SEC said a former Citigroup trader who allegedly accepted bribes in exchange for allowing day traders to listen to a Citigroup “squawk box” had been barred from any associations with brokers, dealers or investment advisers.

Ralph Casbarro, an employee of Salomon Smith Barney and its later...
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