Floor brokers who violated securities laws prohibiting discretionary trading will receive tougher sentences following a ruling Monday by Southern District Judge Jed S. Rakoff.
Using his authority under the federal sentencing guidelines to consider “all relevant conduct,” Judge Rakoff, in U.S. v. The Oakford Corporation, 98 Cr. 144, increased the base offense level for the four brokers and their two co-conspirators, who are now expected to serve between six months and one year in prison, rather than six months or less.
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