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Updated from 8:39 a.m. EDT
Fifteen current and former specialists on the New York Stock Exchange were indicted on criminal charges that they abused their position as stock-trading middlemen to fleece unsuspecting clients.
The charges stem from a two-year investigation of the major specialist firms that drive trading in Big Board stocks and resulted in seven specialist firms paying $247 million in fines last year to the Securities and Exchange Commission
The indicted specialists included employees of LaBranche(LAB Quote); Van der Moolen(VDM Quote); Bank of America's(BAC Quote) specialists division; Goldman Sachs'(GS Quote) Spear, Leeds & Kellogg; and Bear Stearns'(BSC Quote) Bear Wagner. ...
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