A movie producer who headed a boutique merchant bank has been convicted for defrauding investors in hedge funds.
The accused allegedly tricked investors into paying them $1.3 million by posing as SEC employees.
Prosecutors accused Yasuna Murakami of misusing millions of dollars from investors to pay for lavish personal expenses.
A jury rejected a claim that Fidelity retaliated against a worker because she accused the company of defrauding investors.
A jury sided with the SEC, which said Howard Present used phony performance numbers to mislead investors.
An SEC administrative law judge said the agency failed to prove Tilton deceived her investors.
He is among three former State Street executives accused of reaping secret commissions on billions of dollars worth of trades.
The Poughkeepsie, N.Y., resident allegedly used the stolen money to renovate his home and buy a luxury car.
The trial follows a criminal probe that prompted the $8 billion investment firm's wind-down.
The ruling raised the prospect that the U.S. Supreme Court may need to address the issue.