Pasternak Cleared of SEC Trading-Fraud Allegations

Wall Street Journal- A federal judge said the Securities and Exchange Commission didn’t prove that former Knight Equity Markets chief Kenneth Pasternak defrauded the firm’s clients.

In an oral opinion Thursday, U.S. District Court Judge Joel Pisano said that witness testimony, including testimony by former customers of Knight, and trade records "undermined" the SEC’s theory of the case. "I conclude there is no evidence of any misconduct committed by Mr. Pasternak," the judge said after a 14-day bench trial in federal court in Trenton, N.J.

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