The board of Allied Irish met in Dublin yesterday to question executives about the bogus trades and currency losses.

Mr. Bilzerian is also charged with tax fraud for engaging in bogus trades in two securities to gain illegal tax losses.

The report concludes that the bogus trades did not cause any losses for Kidder customers.

When lawyers pointed out that the anti-fraud statutes could be applied to the billions of dollars in bogus trades, the ministry used the argument about the unlisted securities.

Mr. Bilzerian is also accused of engaging in a conspiracy to commit fraud by making bogus trades in two securities to gain illegal tax losses.

But the bogus trade bears an authentic Brooklyn hallmark of sorts.

The bogus trades had inflated Kidder's performance by $210 million after-tax.

To conceal the payoffs, brokers admitted, they had concocted billions of dollars in bogus trades in other securities.

Traders said what was not clear was how Mr. Rusnak circumvented Allfirst's computer systems when he made bogus trades.

Seemala was able to own more stock relative to its capital by citing the bogus trades to arrange borrowed funds.