In an effort to stave off a lengthy stint in prison, former Bank of America broker Theodore Sihpol has asked a New York judge to dismiss criminal fraud charges against him, according to a motion filed by his attorney last week. Although he argues that accepting trades after 4 p.m. has never been illegal, industry experts don't think this premise will hold up in court.

Sihpol, 37, is facing up to 25 years in jail for grand larceny and another four years for falsifying records. He was arrested and subsequently fired by BoA in September 2003 after being identified by regulators as the key player in a scheme that allowed hedge fund Canary Capital Partners to trade fund shares after the market close while still receiving that day's price.

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