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.
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