Tuesday, March 21, 2006

What Happens When the Compliance Officer Gets Indicted?

The Wall Street Journal here notes the latest indictments in the "squawk box" cases.  The four new indictments concern the internal audio system used on Wall Street and alleged abuses by individuals  who were to have "paid cash or padded commissions to brokers" for access to their squawk boxes.  The four individuals, employed by A.B. Watley, were charged with conspiracy to commit securities fraud.  Three of the four had conspiracy to commit commercial bribery charges and two had a false statement charge. Perhaps the most unusual part of the indictment here is that one of the individuals charged was a compliance officer.

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