Two specialists who supervised trades on the floor of the New York Stock Exchange have pleaded guilty to securities fraud, admitting that they illegally put their companies' orders ahead of orders from the public. Assistant U.S. Attorney Lauren Goldberg called the pleas a "groundbreaking" development in a new area of prosecution that may "change the tenor" of cases against a dozen other specialists facing criminal charges in a case brought last year.
May 15, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Two specialists who supervised trades on the floor of the New York Stock Exchange pleaded guilty Friday to securities fraud in what a prosecutor called a “groundbreaking” development in a new area of prosecution.
Joseph Bongiorno, 51, of Brooklyn, and Patrick McGagh Jr., 40, of Little Silver, N.J., entered the pleas in U.S. District Court in Manhattan, admitting that they illegally put their companies’ orders ahead of orders from the public.
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