Former brokers at Merrill Lynch, Citigroup and Lehman Brothers Holdings Inc. won a reversal of their convictions for tipping day traders to confidential data on their internal "squawk boxes," after an appeals court said prosecutors withheld critical evidence.

The U.S. Court of Appeals said prosecutors in Brooklyn, New York, failed to disclose until after the trial 30 deposition transcripts taken by the U.S. Securities and Exchange Commission, some of which would have supported the defense of ex-Merrill Lynch broker Kenneth Mahaffy Jr. and others.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access