Judge Tosses SEC Wash Trade Case

Law360, New York (December 22, 2005, 12:00 AM EST) -- A judge has thrown out a lawsuit brought by the Securities and Exchange Commission against a former executive of an online trading company, ruling that contrary to Commission allegations, he was unaware that the trades he was making were illegal.

Ifran Amant, the one time head of technology at e-trading company MarketXT, had been accused of carrying out “wash trades,” in which electronic buy and sell securities orders are matched against each other, effectively canceling each other out.

The SEC alleged that Amant intentionally made these...
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