SEC Judge Tosses CIBC Insider-Trading Case

Law360, New York (August 3, 2006, 12:00 AM EDT) -- In a setback for federal regulators, former Canadian Imperial Bank of Commerce banker Paul Flynn was let off the hook Wednesday when a U.S. Securities and Exchange Commission administrative law judge threw out charges that alleged he helped two hedge funds finance illegal mutual-fund trades.

Flynn has been the subject of investigations by both the SEC and New York Attorney General Eliot Spitzer, whose far-reaching campaign against Wall Street fraudsters and scammers hit a stumbling block last November when he abandoned criminal charges against the banker....
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