But the complaint also contends that bogus round-trip transactions were more significant than their share of the company's revenue suggests.
The Government said that the three men had agreed to manipulate the prices of the stocks through bogus transactions between accounts controlled by Mr. Lorin.
Ms. Watkins herself feared that warning about the bogus transactions would be a "job-terminating move."
The A.K.A. case, prosecutors contend, demonstrated the difficulty of following the maze of bogus transactions.
International Japanese brokerages engaged in many more bogus transactions than previously acknowledged and also rigged trades involving U.S. Treasury bonds.
The bogus transactions took place in the first three months of 1986, according to the court paper.
And they are quick to claim that they are winning the war against bogus transactions.
In a string of bogus transactions, paperwork flowed between Bombay, Geneva and London.
But, Ms. Lawrence faulted the judge for "failing to appreciate the connection between the bogus transactions and the real trading" that Mr. Jett was doing.
They have guaranteed their best customers against losses in their stock trading, and then found roundabout ways to repay them for losses that involved creating bogus transactions.