The latter was a particularly striking rebuke of the U.S. attorney’s office, given that the last two indicted specialists to be freed had already pleaded guilty and served time. “For a guilty plea to be thrown out in this kind of case is truly sui generis,” says Stillman, Friedman & Shechtman partner Marjorie Peerce, a lawyer for one of the two specialists freed.
In April 2005, the 15 were indicted on charges of securities fraud; prosecutors alleged that they fraudulently inflated stock prices to investors after having earlier purchased the stock at lower prices through their companies’ proprietary accounts [see Big Suits, page 54]. Prosecutors collected evidence of tens of thousands of questionable trades and managed to win three convictions and two guilty pleas.
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