Theodore C. Sihpol III, a former broker with Bank of America Corp., is about to reach a settlement with the Securities and Exchange Commission for permitting hedge fund Canary Capital Parners to conduct improper mutual fund trades, and it is likely to include a fine and a banishment from the securities industry, people familiar with the matter said. The SEC originally brought its charges against Sihpol two years ago.

Separately, Sihpol is awaiting a possible retrial on four remaining counts of an original 33 in a case that New York Attorney General Eliot Spitzer brought against him in New York State Supreme Court. The jury was hung on the four remaining charges, and a meeting on that retrial is scheduled for Oct. 20.

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