SEC Judge Robert G. Mahoney has dismissed civil accusations of "market timing" against former Canadian Imperial Bank of Commerce executive Paul A. Flynn. Mahoney concluded that while Flynn�s clients -- the Securities Trust Company and the two hedge funds Canary Capital Partners and Samaritan Asset Management -- had violated portions of the Securities and Exchange acts, their wrongdoing was not so transparent that it should have raised "red flags" or "reasons for doubt" on Flynn's part.
August 08, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
An administrative law judge at the Securities and Exchange Commission has dismissed civil accusations of “market timing” against a former Canadian Imperial Bank of Commerce executive.
Robert G. Mahoney found last week that Paul A. Flynn was not “aware of [the] illegalities or improprieties” committed by hedge fund clients when they tried to manipulate the market.
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