Theodore Sihpol, former broker at Bank of America's private client unit, has been indicted on 40-counts for allegedly defrauding investors.

New York court documents state that in the spring of 2001 Sihpol established a relationship with Canary Capital Partners, a hedge fund, which wanted to frequently buy and sell mutual fund shares in the brokerage account it established with Sihpol, a practice known as market timing.