New Jersey regulators on Tuesday revoked the licenses of three former Merrill Lynch brokers accused of fraud for conspiring with a hedge fund to make tens of thousands of market timing trades.

Peter Harvey, the attorney general, also filed a complaint seeking monetary penalties from the trio known as the "CBS Group", which consisted of Christopher Chung of Edgewater, N.J., Kevin Brunnock of Fort Lee, N.J., and William Savino, also of Fort Lee.

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