Two Ex-NYSE traders each get 6 months for fraud

Two former
New York Stock Exchange traders were each sentenced to six months in prison on Friday for securities fraud related to improper stock trades.
Celebrities NewsCrimes and Trials NewsEntertainment NewsHealth NewsHi-Tech NewsInternational NewsPolitics NewsSports NewsTop Stories NewsCelebrities NewsCrimes and Trials NewsEntertainment NewsHealth NewsHi-Tech NewsInternational NewsPoliticsSports NewsTop Stories NewsCelebrity DietsMat ExercisesMind And Body NewsNewsNutritionPilatesYogaBusiness NewsCelebrities NewsEntertainment NewsHealth NewsInternational NewsPolitics NewsSports NewsTechnology NewsTop Stories News

U.S. District Judge Sidney Stein sentenced Michael Hayward and Michael Stern, and fined them $250,000 each.

Hayward faced a sentence of up to 21 to 27 months. The judge allowed him to remain free on bail while he pursues an appeal.

The traders, specialists on the NYSE floor, were each found guilty in July of one count of securities fraud in a trial in Manhattan federal court. They were acquitted of three other counts.
Celebrities NewsCrimes and Trials NewsEntertainment NewsHealth NewsHi-Tech NewsInternational NewsPolitics NewsSports NewsTop Stories NewsCelebrities NewsCrimes and Trials NewsEntertainment NewsHealth NewsHi-Tech NewsInternational NewsPoliticsSports NewsTop Stories NewsCelebrity DietsMat ExercisesMind And Body NewsNewsNutritionPilatesYogaBusiness NewsCelebrities NewsEntertainment NewsHealth NewsInternational NewsPolitics NewsSports NewsTechnology NewsTop Stories News

Hayward and Stern were indicted in April 2005 along with 13 others. Prosecutors said they participated in schemes to trade ahead of investor orders for stock trades, violating NYSE rules.

Hayward's lawyer urged Judge Stein to impose no prison term, saying his client received "almost no personal gain" from the trading activity. But the judge disagreed.

"This man knew what he was doing," the judge said, adding from the bench that Hayward undermined the fairness and transparency of the NYSE through his conduct.

Both Hayward and Stern had worked at Van der Moolen Specialists USA, a unit of Amsterdam-based Van der Moolen Holding NV (VDMN.AS).
Celebrities NewsCrimes and Trials NewsEntertainment NewsHealth NewsHi-Tech NewsInternational NewsPolitics NewsSports NewsTop Stories NewsCelebrities NewsCrimes and Trials NewsEntertainment NewsHealth NewsHi-Tech NewsInternational NewsPoliticsSports NewsTop Stories NewsCelebrity DietsMat ExercisesMind And Body NewsNewsNutritionPilatesYogaBusiness NewsCelebrities NewsEntertainment NewsHealth NewsInternational NewsPolitics NewsSports NewsTechnology NewsTop Stories News