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Tuesday, October 05, 2004

Spitzer Talking Tough

by: Sean Hanna, Editor in Chief

Eliot Spitzer, the New York attorney general, is telling audiances that he has not put enough people in jail. Hint, that may mean there are more cases coming. To date, Spitzer has sent one fund firm executive to jail, although another half dozen are seeing their cases wend toward trial.

The one fund executive who has been given jail time is James Connelly, a former vice chairman of Fred Alger Management was sentenced to one to three years in December after pleading guilty to obstruction for destroying documents.

There are also a number of cases pending in New York criminal courts, including one involving executives from Security Trust, which placed allegedly placed late fund trades, and Toronto Dominion bank, which is alleged to finance Canary Capital. A second trial set for next year involves executives from Mutuals.com.

Whether Spitzer was addressing these cases, or others yet unbrought, was not clear from his comments to a Forbes Magazine conference. He did take the opportunity to talk tough.

"I don't think we have put enough people in jail," Spitzer said at a conference sponsored by Forbes magazine, according to the New York Post. "I can tell you with absolutely certainty: There are other major cases coming."

"We need to see a few more before we can see changes in behavior," he added.  

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