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Death leads to delay in stock-scheme trial

Tuesday, Nov. 30, 1999 | 11:04 a.m.

A federal securities fraud trial will be delayed at least a week by a death in the family of a defense attorney.

Prosecutors opened their case three weeks ago in the trial of three men accused of participating in a multi-million dollar stock scheme that began in 1991.

Las Vegan Michael Swan, Keith Shwayder of Denver and Kevin Orton of Denver allegedly bribed stockbrokers to recommend stocks in companies owned by the three.

Swan pleaded guilty Nov. 22 to 76 counts, including racketeering, conspiracy, securities fraud, wire fraud and money laundering.

Swan agreed to testify against his two codefendants as part of his plea agreement.

The case against the three men stems from one of three related indictments returned by a grand jury in November 1996 against 30 defendants. Other defendants have also been charged in the scheme.

Most of the other defendants are awaiting sentencing after pleading guilty.

The trial could resume as early as Monday.

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