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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Johnas who wrote (85779)	1/7/2000 8:11:00 PM
From: charlie mcgeehan	Read Replies (2) \| Respond to of 90042

i once heard that if every man jerked off before he got up in the morning there would be almost no problems in the world at all. jmo charlie

To: Johnas who wrote (85779)	1/7/2000 8:34:00 PM
From: Tim Luke	Read Replies (1) \| Respond to of 90042

see what kind of people we have to deal with in this market.. . . . . Tampa Bay Online---The Tampa Tribune Jan 7, 2000 - 07:02 PM Floor Brokers Sentenced for Making Illegal Trades The Associated Press NEW YORK (AP) - A judge Friday blamed greed for the corruption of New York Stock Exchange floor brokers as he ordered prison terms or home detention for five of them snared in the first prosecution of its kind. U.S. District Judge Jed S. Rakoff handed the stiffest sentence to the head of Oakford Corp., which helped the brokers to trade illegally. William Killeen was sentenced to serve 20 months in prison for his part in the scam engineered in part through Oakford. He was also fined $50,000. Killeen, 39, of Colts Neck, N.J., was president of the now defunct company that engaged in a securities conspiracy by allowing floor brokers to execute personal trades ahead of orders from their customers. The company's vice president, Thomas William Bock, 47, was sentenced to a year and a half in prison and fined $50,000. Floor brokers are paid a commission to conduct trades for client brokerages and their customers. They are not permitted to make trades for themselves or for any account in which they have an interest because their positions on the floor can provide them with immediate access to market-moving news, giving them an unfair advantage. Bock and Killeen had admitted during guilty pleas last year that they caused their company to pay their personal expenses including car leases, vacations and mortgage installments between 1992 and 1996. Those payments amounted to $207,000 for Killeen and $330,000 for Bock, the government said. Killeen said he was "extremely sorry." "It is with great regret that I stand here today," he added. The judge said, however, that Killeen's honorable dedication to his family and his community conflicted with his business life in which he and others engaged in "a series of blatantly unlawful acts motivated by greed." The sentencing of Killeen and Bock were two of six to occur throughout the day, four of them floor brokers. The judge rejected arguments by lawyers that the brokers should not face prison terms because they were not properly informed by the NYSE that what they were doing was a crime. "It involved not only intentional violations of the rules but the making of false statements and the making of false records," the judge said. "It was done out of greed." The prosecution is believed to be the first case to result from illegal personal trades made by floor brokers. John Savarese, 35, and Mark Savarese, 38, both of Garden City, Edward Mueger, 65, of Port Washington and Thomas Cavallino, 43, of Shrewsbury, N.J. had all pleaded guilty earlier this year to unlawfully exercising investment discretion by entering into on-floor purchases and sales of securities without proper customer orders. The Savarese brothers, both floor brokers, were each sentenced to four months in prison to be followed by two months of home detention. Both were fined $15,000 as well. Mueger was sentenced to three months in prison and three months of home confinement. He was also fined $15,000. Cavallino was sentenced to six months of home confinement and fined $100,000. The judge spared Cavallino a prison term but increased his fine to make up for it after listening to pleas that he be left at home to care for his son.