Theodore Sihpol III settled with the Securities and Exchange Commission Wednesday for a $200,000 fine and a five-year ban from the securities industry. While he neither admitted nor denied the charges and still faces civil charges, the settlement, as some observers had expected, bought him leniency from New York Attorney General Eliot Spitzer, who dropped the final four criminal charges against the former Bank of America broker.

Although Spitzer's office contended in July it would not drop the four remaining counts, it also indicated it would revisit the matter following the SEC's case.

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