Testimony in the Theodore C. Sihpol case further damns the former Bank of America broker, according to Dow Jones Newswires. Michael Brown, who had been Sihpol's boss, said that Sihpol was "placing the orders in a normal period of time 1/4 right after receiving the orders."

Sihpol is facing criminal charges for helping now-defunct hedge fund Canary Capital Partners place mutual fund trades after 4 p.m. but still receive same-day prices. Sihpol's lawyers assert that the former broker was ignorant of mutual fund trading rules and ran practices by his bosses, including Brown.

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