The 2nd Circuit has upheld a judge's decision to order the acquittal of floor trader David Finnerty, who was accused of "interpositioning," or trading for his own firm's account at a price between the buy and sell orders he was handling. Second Circuit Judge Dennis Jacobs said the evidence showed that Finnerty knew he had violated an NYSE rule but that there is "no evidence that Finnerty conveyed an impression that was misleading, whether or not it could have a bearing on a victim's investment decision."
July 22, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The decision of a federal judge to order the acquittal of floor trader David Finnerty has been affirmed by the 2nd U.S. Circuit Court of Appeals.
Finnerty, once a specialist with Fleet Specialist Inc., was accused of “interpositioning,” or trading for his own firm’s account at a price between the buy and sell orders he was handling.
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