Under Watch: Eliot Spitzer, Alberto Vilar and others
Under watch: New York Attorney General Eliot Spitzer, finally confronted in the courtroom by one of his business targets, former Bank of America broker Theodore Sihpol, in a match reminiscent of David and Goliath. The jury found Sihpol's after-market-close trading, which Mr. Spitzer called criminal, to be commonly accepted practice. Sihpol was acquitted on 29 counts, with the jury hung on four others, for which a single juror held out for conviction. Sihpol had refused a plea offer that included jail time, putting himself at risk for a 30-year term. Other business targets have caved into Spitzer's prosecution-by-press-release and threats of indictment or the destruction of an entire company, paying enormous fines (often with shareholder funds). None had previously risked ...
