Sentinel Trustee Sues FTN Financial For Fraud

Law360, New York (November 19, 2008, 12:00 AM EST) -- The Chapter 11 trustee for Sentinel Management Group Inc. has filed a securities fraud suit against FTN Financial Securities Corp. and two individuals, claiming that the defendants bribed Sentinel's former head trader as part of a scheme to sell Sentinel hundreds of millions of dollars' worth of risky structured finance products.

Trustee Frederick J. Grede filed a twelve-count complaint Monday against FTN Financial Securities, Stephen M. Folan and Jacques de Saint Phalle in the U.S. District Court for the Northern District of Illinois.

Folan works as...
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