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NEW YORK (AP) - Several former and current officers, directors, and managers of a Manhattan day trading firm were charged Tuesday in a superseding indictment with participating in a "front-running" securities fraud scheme that generated more than $800,000 in illegal profits, prosecutors said.
New charges were filed against Robert F. Malin, vice chairman and president of A.B. Watley Group Inc., and Linus Nwaigwe, the company's director of compliance and a former National Association of Securities Dealers compliance examiner; Michael A. Picone, Watley's former chief operating officer, and Keevan H. Leonard, Watley's former supervisor of proprietary trading.
Also named in the superseding indictment were several people originally indicted in August 2005. They include Kenneth E. Mahaffy, Jr., a former Merrill Lynch & Co. and Citigroup Global Markets Inc. stock broker; Timothy J. O'Connell, a former Merrill stock broker; and David G. Ghysels, Jr., a former Lehman Brothers stock broker.
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