Witness Details Sihpol's Compensation: Broker's Pay Rose Sharply During Alleged Abuse
May 30, 2005
Prosecutors in the criminal trial of former Bank of America broker Theodore C. Sihpol III rested their case last Monday after calling a human resources executive as their final witness, who testified that Sihpol's compensation rose sharply in the years he allegedly helped New Jersey hedge fund Canary Capital make improper trades.
Shon Manasco, the BoA executive, said Sihpol took in slightly less than $700,000 in compensation in 2003, his last year on the job. That compared with roughly $500,000 in 2002 and $165,000 in 2001, Manasco told the court.
The defense team, led by Evan Stewart, a partner at Brown Raysman, has argued that Sihpol was an inexperienced broker who wasn't well versed in mutual fund trading and had to clear all new agreements and transactions through his superiors.
Manasco testified, however, that Sihpol became licensed to buy and sell securities in 1994 and worked at a number of financial services firms including Dean Witter, Lehman Brothers and CIBC, before joining BoA in late 2000.
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