New Jersey regulators last 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 netting $60 million for the fund.

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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