N.Y. General Business Law § 339-c: Trading by brokers against customers' orders

§ 339-c. Trading by brokers against customers' orders. A broker, who,

being employed by a customer to buy and carry upon margin the stocks,

bonds or other evidences of debt of a corporation, company or

association, while acting as broker for such customer in respect of such

stocks, bonds or other evidences of debt, sells for his own account the

same kind or issue of stocks, bonds or other evidences of debt of such

corporation, company or association, with intent to trade against the

customer's order, or, who, being employed by a customer to sell the

stocks, bonds or other evidences of debt of a corporation, company or

association, while acting as broker for such customer in respect to the

sale of such stocks, bonds or other evidences of debt, purchases for his

own account the same kind or issue of stock, bonds or other evidences of

debt of such corporation, company or association, with intent to trade

against the customer's order, is guilty of a misdemeanor.