Spitzer indicts hedge fund broker in late trading case (Spitzer? Again?)

Just when you thought it was safe to go into the water…well you know what we mean, Eliot Spitzer indicted a hedge fund broker for helping clients trade mutual fund shares after hours, according to a statement from the New York Attorney General's office on Thursday. James Wilson, a stock broker from New York-based Trautman Wasserman & Co., Inc., was charged with crimes related to late trades he placed on behalf of the firm's hedge fund clients from late 2000 to September 2003, according to an 11-count indictment which was unsealed on Thursday, Spitzer's office said. The charges include a scheme to defraud in the first degree, falsifying business records in the first degree, and securities fraud in violation of New York State's Martin Act, Spitzer's office explained. Each of these charges carry a maximum penalty of four years in prison, the attorney general's office added, noting that Wilson is presumed innocent until and unless he's proven guilty.

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