US authorities yesterday charged 120 people, including stock brokers and alleged members of the Mafia, in a scheme that defrauded investors of $50 million (€52 million). US Attorney Ms Mary Jo White said the scheme was the largest fraud of its kind in US judicial history, based on the number of people charged. It involved 19 publicly traded companies as well as 16 that are not traded.

At least 57 stock traders, a former police detective and members of five New York Mafia "families" were charged in the scheme, which Ms White said involved racketeering practices and threats of violence as well as fraud.