New York Attorney General Eliot Spitzer announced Tuesday the arrest of a former executive of Canadian Imperial Bank of Commerce for allegedly stealing $1 million from mutual funds in a late-trading scheme. In a related action, the Securities and Exchange Commission has filed civil charges against Flynn as well.

Paul Flynn, the ousted managing director of CIBC’s equity trading desk, was arraigned in a Manhattan criminal court Tuesday afternoon facing five felony charges including two counts of grand larceny in the first degree, a class B felony. The former trader is also accused of two counts of "violation of business law" and one count of "scheme to defraud." If convicted of grand larceny, Flynn faces up to 25 years in prison.

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