New York Attorney General Eliot Spitzer arrested three former executives of Security Trust Co. on felony charges last Tuesday. His suit charges the men with grand larceny in the first degree, for stealing more than $1 million.
The SEC also charged the three, along with the firm, for facilitating fraudulent late trading and market timing, and the U.S. Treasury Department's Office of the Comptroller of Currency will file an enforcement action of its own that will disband the company.
The three are: former CEO Grant D. Seeger, former President William A. Kenyon and former SVP of Corporate Services Nicole McDermott.
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