Van der Moolen Trader Acquitted Of Front-Running

Law360, New York (August 1, 2006, 12:00 AM EDT) -- A federal jury on Tuesday found Robert A. Scavone, Jr., a former trader at Van der Moolen Specialists USA LLC, not guilty of trading ahead of investor orders for his own profit, a process known as front-running.

The case, brought by the U.S. Justice Department, accused Scavone of one count of securities fraud related to the trading of Eli Lilly & Co. stock. According to the DOJ, Scavone traded ahead of public orders and placed himself between public buy and sell orders at the New York...
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