NEW YORK -- Former Bank of America broker Theodore C. Sihpol III was found not guilty this afternoon on 29 of the 33 counts charged against him, including grand larceny, the Associated Press reports.
Supreme Court Justice James Yates declared a mistrial on the remaining four counts, which covered a first-degree scheme to defraud, violation of the Martin Act and two counts of falsifying business records. Sihpol was facing up to 30 years in jail.
Without indicating which way the jury panel was leaning, reports earlier this week indicated that one juror was holding out. Indeed, Justice Yates read back to the court a note from the jury panel saying the juror "has resisted all our appeals to reason and evidence [and had] withdrawn from deliberations."
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.
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