Seven counts of fraud were dismissed in the criminal case against former Bank of America broker Theodore Sihpol Wednesday after the defense successfully contested charges of destroying and falsifying records.

Presiding over the New York State Supreme Court in Manhattan, Judge James A. Yates ruled that any trade order tickets that were discarded before they were could be executed could not be considered official business records. Sihpol held the order tickets until he received a phone call from the hedge fund manager Canary Capital Partners after the market close instructing him to either put the order through or cancel it. In other words, the cancelled orders do not qualify as records under the law.

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