Former CIBC Director Flynn Is Cleared in SEC Late-Trading Probe

Date: Friday, August 4, 2006

Bloomberg reports that Paul Flynn, a former managing director at Canadian Imperial Bank of Commerce, was cleared of wrongdoing in a U.S. Securities and Exchange Commission probe of late trading in mutual-fund shares.

Administrative law Judge Robert Mahony in Washington today dismissed SEC claims that Flynn helped Security Trust Co. and two hedge fund clients engage in late trading and deceptive market timing. The SEC sued Flynn in February 2004, mentions the article.

The article reveals the Mahony said in the 36-page ruling, that he concludes that Flynn was not aware of and did not substantially assist the hedge funds' and STC's illegal activities.