The Securities and Exchange Commission announced on Friday that it will not contest a judge's decision that it didn't have a case against former CIBC managing director Paul Flynn for allegedly helping hedge funds to market time and late trade mutual funds.
One of the SEC's administrative law judges had found that there was insufficient evidence to prove that Flynn aided and abetted Securities Trust Company and two of its hedge fund clients in the practice.
"It was a long, hard road for Paul Flynn," Frank Razzano, his attorney, told The Wall Street Journal. "The trauma that this man had to live through for three years was really incredible."
New York Attorney General Eliot Spitzer dropped criminal charges against Flynn last year.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.