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UPDATE 1-Sihpol charged with 40 counts of fraud, grand larceny.
(From CBS Marketwatch (Stories))
NEW YORK (CBS.MW) - A grand Jury has indicted Theodore Sihpol, a former Bank of America broker, on 40 counts of fraud, grand larceny and other charges for his role in helping hedge fund Canary Capital improperly trade the bank's mutual funds, court papers revealed Monday.
Sihpol was at the center of Canary Capital's scheme to market time mutual fund shares of Nations Funds Trust, the mutual fund unit of Bank of America , according to papers filed in late March but unsealed Monday.
Sihpol also provided Canary with an electronic trading system that allowed the hedge fund to trade as late as 8:30 p.m. but still obtain a mutual fund share price of 4 p.m. ET, the indictments allege.
"Mr. Sihphol does not believe he engaged in criminal wrongdoing," said his attorney Evan Stewart. "He will plead not guilty to the indictment."
On Sept. 3, New York Attorney General Eliot Spitzer filed a $40 million settlement with hedge fund Canary Capital, which allegedly schemed with mutual funds to engage in after hours trading and market timing.
Later that month, in New York State Supreme Court, Spitzer filed criminal charges against Sihpol. See full story.
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