Ex-Specialist Acquitted of SEC Fraud
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Richard Volpe, a former specialist at Van der Moolen Specialists USA LLC, was acquitted Monday of making improper trades for the firm’s account while working on the floor of the New York Stock Exchange.
A jury found Mr. Volpe not guilty of two counts of securities fraud. Mr. Volpe, 47 years old, had faced up to 20 years in prison on the charges. Prosecutors had accused Mr. Volpe, who served as a floor official at the NYSE from 1996 to 2002, of making improper trades for the firm’s account in shares of Pfizer Inc. and Walt Disney Co.
Mr. Volpe, who served as the specialist for Eli Lilly & Co., Pfizer and Disney at various times while working at Van der Moolen, took the stand in his own defense at trial, denying that he ever ordered anyone to engage in improper trading.
