Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, February 21, 2007

Judge Throws Out Conviction of Specialist

A federal district court judge in New York threw out the conviction of Dennis Finnerty, a trader at the  NYSE specialist firm, Fleet Specialists, for improper trading for his firm's accounts.  The prosecution was one of a number against specialist firms for allegedly interpositioning themselves between customers' orders to make a profit.  The judge said that the government did not meet its burden of showing fraud or deceptive conduct or establishing that the customers were misled or defrauded.  See WSJ, Judge Throws Out Conviction Of Ex-Specialist Finnerty.

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