Judge Vacates Convictions Of NYSE Floor Traders

Law360, New York (August 26, 2008, 12:00 AM EDT) -- Following an appeals court ruling earlier this summer in a related case, a judge has vacated the convictions of two former specialists at Van der Moolen Specialists USA LLC who were allegedly involved in an illegal trading scheme at the New York Stock Exchange.

In separate orders Monday, Judge Sidley Stein of the U.S. District Court for the Southern District of New York vacated the securities fraud convictions of Patrick McGagh and Joseph Bongiorno.

Both pled guilty to securities fraud in May 2006. In October 2006,...
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