Investment Bank To Pay $16M In Rogue Trader Case

Law360, New York (April 21, 2008, 12:00 AM EDT) -- A Baltimore investment bank has reportedly agreed to a $16 million settlement with investors in a suit over the negligent supervision of one of its brokers, who was operating a Ponzi scheme in which investors lost $28 million.

Ferris Baker Watts agreed to pay the approximately 100 victims $7.2 million in cash and relinquish three million shares of Innotrac Corp., the stock at the center of the scheme, the Baltimore Sun reported. The shares could be worth $9 million if the court-appointed receiver overseeing what remains...
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