Not Guilty
Traders Magazine, September, 2008 by Peter Chapman
In a federal court in Trenton, N.J., this June, Kenny Pasternak, former chief executive of Knight Trading Group, now Knight Capital Group, and John Leighton, Knight's former head of institutional sales, recently won a big victory against the Securities and Exchange Commission. The ruling brings some closure to a legal drama surrounding allegations of fraud at Knight that has dragged on for years, cost Knight $79 million, and ended the securities industry careers of three former Knight executives.
"I feel vindicated," Pasternak told Traders Magazine.
"But it's unfortunate it takes five years and millions of dollars in legal bills to deal with the strong-arm tactics of the SEC."
Nine years ago, Pasternak was riding high. His wholesaling firm was benefiting...
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