To hear former Bank of America broker Theodore C. Sihpol III's account of what led to his arrest in September 2003 on charges of fraud, an event that set the entire mutual fund scandal in motion, he was an unwitting, bit player among more crafty financial managers who worked a late-trading conspiracy within a gray area of what the industry considers legally and ethically acceptable.

He claims he is not, as New York Attorney General Eliot Spitzer alleges, the billion-dollar embezzler who blatantly ignored shareholder interests, knowingly misled investors and consciously skirted industry best practices to allow hedge fund Canary Capital to trade mutual fund shares after the market close while still receiving that day's price.

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