WASHINGTON -- A Colorado municipal bond trustee's alleged reckless behavior in administering a troubled bond issue constitutes aiding and abetting the issuer in committing securities fraud, a lawyer for bondholders told the Supreme Court yesterday.

The role of the trustee "was one of assisting actively and substantively, aiding and abetting, a series of acts over two or three months" that defrauded investors, attorney Miles M. Gersh told the court in oral arguments in the case, Central Bank of Denver v. First Interstate Bank of Denver.

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