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From: ldo79	4/12/2005 8:43:56 AM
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And this instills confidence: ============================ NYSE traders probe: 15 to be charged By Greg Morcroft, MarketWatch Last Update: 8:23 AM ET April 12, 2005 NEW YORK (MarketWatch) - Federal prosecutors said Tuesday they're charging 15 former and current specialist traders on the New York Stock Exchange with fraud and improper trading over a four year period. The government says the accused traded to benefit their firms at the expense of their customers. The office of the United States Attorney for the Southern District of New York said early Tuesday the charges would be announced at a 10:30 AM press conference in New York. Prosecutors said 15 current and former traders will be charged in 9 separate indictments, alleging that the accused violated federal securities laws, " through patterns of fraudulent and improper trading over approximately four years." Each defendant faces possible maximum jail terms of 10 to 20 years on each count of securities fraud. They also face fines of $1 million to $5 million on each fraud count, or, "twice the gross gain or loss resulting from the offense," the prosecutors said. In a separate action, the U.S. Securities and Exchange Commission is expected to file civil securities-fraud charges against the specialists.

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