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Westlaw News

Ex-State Street executive loses appeal of fraud conviction

A federal appeals court on Wednesday upheld the conviction of a former State Street Corp executive who prosecutors said oversaw a scheme to overcharge the bank’s customers by applying secret commissions on billions of dollars’ worth of trades.

The 1st U.S. Circuit Court of Appeals in Boston rejected Ross McLellan’s claims that his securities fraud convictions were not supported by sufficient evidence and that he could not be charged with wire fraud for conduct that took place overseas.

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