The first trade ousted Bank of America broker Ted Sihpol placed for Canary Capital Partners was a late trade, a former hedge fund broker testified today at Sihpol's fraud trial in New York state court, Bloomberg reports.

Noah Lerner, a former Canary broker, said he asked Sihpol to buy $10 million worth of shares in three mutual funds run by BoA's Nations Funds. Lerner said he submitted the request at 4:11 p.m. on May 16, 2001, 11 minutes after the close on the New York Stock Exchange, according to Bloomberg.

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