{"id":4963,"date":"2006-09-04T00:00:00","date_gmt":"2006-09-04T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"sec-drops-fraud-charges","status":"publish","type":"post","link":"https:\/\/staging.hedgeco.net\/news\/09\/2006\/sec-drops-fraud-charges.html","title":{"rendered":"SEC Drops Fraud Charges"},"content":{"rendered":"
HedgeCo.Net (New York) – Paul Flynn, the former Canadian Imperial Bank of Commerce official who was arrested two years ago and charged with five felonies, is free of the legal entanglement which developed at his former job as a managing director at Canadian Imperial Bank of Commerce. <\/p>\n

The SEC<\/span>\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s enforcement division, which has three weeks to appeal the ruling to the five-member commission, was seeking to have Flynn fined up to $2 million and banned from the securities industry. The division said in its February 2004 lawsuit that from 2001 to 2003 Flynn \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cknew or was reckless in not knowing\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d that the hedge funds, Canary Capital Partners LLC<\/span> and Samaritan Asset Management were engaging in the improper trades. <\/p>\n

But Judge Robert G. Mahony, who presided over a trial in March, ruled that Flynn was not aware that any actions he took helped the hedge funds make improper trades. He ruled that Security Trust, a Phoenix-based retirement plan, and also the two hedge funds, had broken security rules with their trading strategies. <\/p>\n

Last November, state Attorney General Eliot Spitzer requested and got the dismissal of five felony counts he had lodged against Flynn. A criminal conviction could have resulted in Flynn, a Canadian citizen, being deported from the United States. <\/p>\n

\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe are very pleased with the SEC<\/span>\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s decision not to appeal,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d he said. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cIt finally puts an end to Paul\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s long nightmare.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d <\/p>\n

Flynn \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cis now eager to get back to life as normal, along with his wife and children,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Piper Hall, spokeswoman at Flynn\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s Washington-based law firm, Dickstein Shapiro, said in an e-mail. <\/p>\n

Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net<\/a> <\/p>\n

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HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n

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Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

HedgeCo.Net (New York) – Paul Flynn, the former Canadian Imperial Bank of Commerce official who was arrested two years ago and charged with five felonies, is free of the legal entanglement which developed at his former job as a managing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4963","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4963"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4963\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}