Prudential Broker Fights Market Timing Case In 2nd Circ.

Law360, New York (February 7, 2014, 6:30 PM EST) -- Second Circuit judges skeptical of a negligence verdict against a former Prudential Securities Inc. broker dubbed the “poster child” for market timing pressed a U.S. Securities and Exchange Commission lawyer Friday to justify the jury's findings.

Frederick O'Meally is appealing a verdict that rejected the SEC's fraud allegations surrounding market timing trades on mutual funds but found him liable on related negligence claims. The trades involved frequently buying and selling shares of the same mutual fund to exploit perceived inefficiencies in their pricing.

While not necessarily illegal,...
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Case Information

Case Title

Securities and Exchange Commis v. O'Meally


Case Number

13-1116

Court

Appellate - 2nd Circuit

Nature of Suit

1850 STATUTES-Secur Comm Exchange

Date Filed

March 25, 2013

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