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Sarbanes-Oxley News & Developments
Banker Charged in Mutual Fund ScandalWall Street banker was charged with arranging loans that defrauded mutual fund investors.
> > Paul A. Flynn a former top executive of the Canadian Imperial Bank of Commerce in Manhatten, was criminally charged with breaking state securities laws by "stealing over $1 million" from mutual funds. The SEC filed federal civil fraud charges against Flynn for his alleged role in the illegal trades, which state and federal officials say occurred from 2001 through 2003. Flynn, a Canadian citizen, pleaded not guilty in New York City Criminal Court yesterday afternoon.
Flynn is the first lender to be charged. "This is another wake-up call to Wall Street: You cannot knowingly finance fraud and then turn a blind eye," said Mark K. Schonfeld, a lead SEC attorney on the case.
Click link below for entire article.
Source: Washington Post article by Kathleen Day 2/4/04
Published:2004-02-04
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