..."Not the way I play it, no." ~W.C. Fields
New York City — A jury was chosen Monday to weigh charges against four former A.B. Watley Group Inc. executives accused of paying brokers at securities firms thousands of dollars to let them eavesdrop on share orders by institutional clients. (more)
UPDATE - 3/29/07
A former Merrill Lynch & Co. broker (Timothy O'Connell, 42, of Carle Place, New York) was arrested on state gambling charges in New York, postponing his federal trial for selling access to trading information broadcast over his firm's office intercom. ... O'Connell is one of seven defendants on trial for conspiring to trade on information broadcast over internal ``squawk boxes'' at top Wall Street firms. He and brokers at Citigroup Inc. and Lehman Brothers Holdings Inc. allowed day traders at A.B. Watley Group Inc., an online brokerage, to eavesdrop on large institutional orders, according to prosecutors. (more)
